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Cybersecurity risk management regulation will drive the fiduciary responsibilities of boards and individual board members. As some regulation sets out requirements for board to seek external guidance for cybersecurity. Whether this is through NEDs hired onto the board or through external engagement.
What is clear is that these individuals will be required to advise on regulatory compliance and the cybersecurity of the organization. To close the gap between the boards current knowledge and experience for cybersecurity risk management, current regulatory compliance and meeting the requirements set out by cyber regulations.
We have long advocated that boards need to adopt a 3 Line of Defence (LoD) model for cyber compliance. A model that integrates regulatory compliance, legal counsel and the 3 Lines to secure an organization and assure regulatory compliance through governance. (https://lnkd.in/eVgsGpyx)
Working with risk, audit, compliance, cybersecurity, internal and external legal counsel, to create the necessary oversight and assurance at attest a reasonable level of cyber compliance, that is defendable. Addressing the significant skills gap that exists between lawyers and cyber professionals to address regulatory compliance.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA Rachel V. Rose, JD, MBA Jamie Foster Hill Dickinson LLP
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