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Last week the Securities and Exchange Commission (SEC) published the enclosed comprehensive proposal for cyber-risk management regulation for investment funds and advisers. It is a comprehensive 243 document that outlines cybersecurity for the investment industry that includes the necessary policies, procedures, oversight and assurance, incident response and reporting to be in place.
It is the first regulatory regime from the SEC that focuses solely on cybersecurity and cyber-risk management. It follows the direction of other Federal agencies to address cybersecurity as required under Executive Orders published in 2021. It is a comprehensive read and in my view sets out the basis for the SEC to further regulate cybersecurity. In my view setting the ground work for other cybersecurity regulations that have been discussed by the Chair of the SEC at recent industry events.
Of all Federal agencies the SEC has the broadest global reach. US capital markets are the worlds biggest and many companies chose to list on US and local exchanges for capital formation. If the SEC moves forward with cyber regulation proposals for capital markets and publicly trade entities. You may expect it to look similar to that proposed here and will likely impact all firms traded on SEC covered exchanges.
Cybersecurity is the biggest material risk facing public firms today (WEF reports and others) and markets and investors seek security. By defining cyber regulation for US capital markets the SEC is setting the standard for cybersecurity, oversight and assurance that will attract capital. Other global markets will likely have to follow suit.
Thoughts?
Ted Dziekanowski Jason Spezzano Brian McCarthy
#theaugustaplan‚Â #cybersecurity‚Â #cyberriskmanagement‚Â #regulatorycompliance‚Â #regulatoryoversight‚Â #cybercompliance‚Â #cyberregulation‚Â #cybergovernance‚Â #cyberriskgovernance‚Â #ransomeware‚Â #governance‚Â #nist‚Â #cyberinsurance‚Â #insurance‚Â #defence‚Â #defense‚Â #sec #theaugustagroup
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