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Getting your pain out the way quickly is a sure fire way to plicate the markets and demonstrate your remorse. In the case of Marks and Spencer todays news should be tomorrow’s fish and chip wrapping. Albeit since the start of the hack in April the M&S share price has been on a roller coaster ride, heading downwards.
The M&S Chair made it clear that the cyber attack could have destroyed the company. His statement It is very rare to have a criminal actor in another country or this country seeking to stop customers shopping at M&S, essentially trying to destroy your business for purposes that are not clear, but undoubtedly for ransom and extortion. is confusing.
Yet the whole remit of cyber attacks is to steal data, ransom data and in extreme circumstances (Israel and Iran) wipe data. Cyber is a profitable industry for a reason, and generally threat actors are not in the game of justifying their role.
Company boards need to understand cybersecurity risk management, the cyber threat they face and the necessary, appropriate, steps to put cyber risk management on the board agenda. One only has to look at EU cyber regulation to understand the seriousness the EU commission places over the management of cyber risk. That has the potential to come with civil and criminal penalties for board members.
We at Veritas GRC are pleased to be rolling out our Board governance over Cybersecurity risk management with the The Government of Dubai Legal Affairs Department and Knowledge Nexus. To educate Boards, General Counsel and NEDs on cybersecurity, and the management of cybersecurity risk. To support boards manage cyber risk ‘Left of Bang’.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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