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I posted many times about cybersecurity, regulation, oversight and assurance and the general failure of business to adopt appropriate cybersecurity practices. If the enclosed article is correct then ‘seller beware’. Giving the PCAOB and CFPB more authority may be a good thing?
The PCAOB was established by congress following the Enron Scandal, to oversea financial reporting and regulatory oversight alongside Sarbanes Oxley (2002) overseen by the Securities and Exchange Commission (SEC). The Consumer Financial Protection Bureau was stood up following the Financial Crisis, assuming regulatory and supervisory authority over most federal consumer protection laws.
Both are little known outside of accounting and oversight circles, but both have considerable authority, impacting publicly traded companies and consumer protection. If correct and there are plans to increase their regulatory authority to ‘protect consumers’ and ‘anything that resembles faulty accounting’ then this may enable cyber into the board room of publicly trade firms.
It compliments the SECs ESG regime, requiring public companies to account for material risks, and the recent Colonial and JBS hacks demonstrate the need to protect consumers and assure proper board oversight of material risks such as cyber.
‚Â #cybersecurity‚Â #SupplyChainRiskManagement‚Â #CyberRiskManagement‚Â #riskmanagement‚Â #compliance‚Â #insurance #cyberinsurance #insurance #regulatorycompliance #regulatoryoversight
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