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If boards do not give cybersecurity and cyber resilience sufficient priority, this creates a foreseeable risk of harm to the company and thereby exposes the directors to potential enforcement action by ASIC based on the directors not acting with reasonable care and diligence,†Joe Longo
This is a conversation about the economic management of cyber risk and the role of the board in its reasonable management. With the ASIC being the next regulator to focus on the role of the board. As we wrote (https://lnkd.in/ewu59Kk6) the market capitalization of EU registrants on Nasdaq and NYSE accounts for over $6.5 trn in value. Value that boards of covered registrants are expected to reasonably protect for their stakeholders.
Cyber is just another risk that boards have to focus to protect shareholder value. The challenge is many may not have met their fiduciary duties in this respect. Leading to regulation and tighter oversight. As with the SEC final rule, EU NIS and DORA regulators are adopting a different approach.
Please reach out if you want to discuss cybersecurity risk management and regulatory compliance. A subject in which we have a demonstrated knowledge and experience in delivering for the boards of market registrants. (https://lnkd.in/enGue8tQ)
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation
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