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If you can get to this article, it is well worth reading. Not for its ESG discussion, but for the regulatory and compliance challenges between the U.S and EU. In this case if the U.S does not develop an equivalent ESG regulation to the EU, U.S companies trading in the EU will have to comply with EU ESG regulations, in addition to U.S ESG regulations.
Now read this across to cybersecurity risk management regulations. With both the U.S and EU developing significant regulatory programs, that impact organizations trading in and with both jurisdictions. With similarities in regulations proposed by both the EU and U.S as far as setting requirements for the implementation of cybersecurity risk management, governance and board oversight. The U.S and EU will have to reach agreement on the equivalence of cyber regulations, frameworks and standards if they are to support cross boarder trade?
The proof of the pudding will be in the eating, when organizations develop their cybersecurity risk management compliance programs, and they are tested by each jurisdictions regulatory regimes. It’s worth noting that cybersecurity risk management compliance is more costly than ESG. With a high legal risk for board members and is affected by external threats that organizations cannot control. Cyber compliance is also a social factor for some companies and a governance factor for all.
Agreeing the harmonisation of cyber regulation, standardization of frameworks, standards and regulatory oversight and assurance will be important.
Ted Dziekanowski
#cybersecurity #cyberiskmanagement #cyberregulation
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