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Is the Australian Securities regulator taking a leaf out of the Securities and Exchange Commissions book? ASIC, the Australian Securities and Investments Commission is investigating how boards and directors respond to cyber attacks. The ASIC is investigating unnamed individuals and their role in the oversight and assurance of cybersecurity.
Faisal Khan, the regulator is stating that it would bring charges against directors who fail to adequately prepare for hacks. Expecting companies and directors to provide evidence that the have performed their duties, if their organisation is hacked.
Along side the SEC and EU Parliament, ASIC is taking a stance on cybersecuirty risk management in the board room. Requiring boards demonstrate they are managing their fiduciary responsibilities. That requires corporate governance, oversight and assurance of cybersecurity risks management, or face the possibility of regulatory intervention. Intervention that could lead to directors being held personally liable. One suspects ASIC will continue to set precedence, bringing charges against directors that cannot demonstrate the management of cyber risk left and right of bang.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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