Call us now:
Is there a disconnect between awareness and preparedness for the management of cybersecurity risks. A disconnect that may surface when cybersecurity risk management regulation starts to appear on statute and D&Os are confronted with the challenges of reporting their cybersecurity risk management compliance to regulators.
If so then its fair to say, and its not a FUD conversation, it takes time to put in place the necessary governance, oversight and assurance over cybersecurity risk management requested by regulators. Some organizations have been here before with SoX. But the breadth and depth of cyber regulation across not just public firms may create a suite of compliance challenges for boards of CNI providers, none-public FIs, ICT product and service providers.
Regulations will require boards to build, manage and demonstrate oversight and assurance of cyber risk through governance programs, risk management frameworks and cybersecurity programs. In turn, for some, requiring a cultural shift in risk management, cybersecurity, board governance and engagement, reporting, accountability and responsibility. With the back drop of increased legal and compliance risk, and regulatory enforcement. At a time when regulation shifts cyber risk away from insurance onto financial statements.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #governance #sarbanesoxley
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