June 9, 2024

CYBERSECURITY REGLATION

Cybersecurity regulation transfer cyber risk – ‘Left of Bang’

Cyber regulatory compliance requires boards take proactive rather than reactive steps for managing cyber risk

Cybersecurity compliance ‘Left of Bang’

Cybersecurity risk management regimes being developed by U.S, EU and APAC regulators are driving cybersecurity risk management compliance into the board rooms of public and private organizations.  In our view creating situational awareness through risk management, enabling boards need to make better more informed decisions about their cybersecurity posture ‘Left of Bang.

 

Where once boards had an option to implement cybersecurity they must decide if they want to participate in a regulated market, they must implement cybersecurity risk management. Organizations that are not publicly traded should also be concerned, as they maybe suppliers of public firms that will be expected to understand and manage their cybersecurity supply chain risks.

 

The Left of Bang approach requires organizations to develop better situational awareness through an understanding of cyber risks.  Along with a broader assessment of the enterprise-wide impact that cyber-attacks may have on the organizations and its supply chains. Treating risks in a manner that could be considered adequate and commensurate to the level of risk.

Cyber risk management is a regulated requirement

When regulation turns to enforcement it will over time set precedence, re-affirm compliance standards and be tested in court. Enforcement actions place corporate boards and security professionals on notice that their decisions could be assessed at a future date, in response to the decisions made in assessing cybersecurity risks, mitigating risks, and responding to cyber incidents.

Cybersecurity risk management regulation is driving cybersecurity compliance ‘Left of Bang’

Creating cyber situational awareness through risk management

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