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Over the past 6 months we have seen several cybersecurity firms reduce headcount and re-evaluate their financial performance. At a time when the tech industry, PE and VC has been doing the same. But we are at a time when the need for cybersecurity is at its highest, the SEC final ruling is 1 day old, EU cyber regulation is on the way and the Australian Prudential Regulatory Authority released CPS 230 (material operational risk management, including cyber).
Are we heading towards a cross roads, whereby regulation enforces cybersecurity risk management, increasing the legal and compliance risk of boards and accountable executives, effects insurance as a board and cyber risk transfer solution and cyber industry consolidation.
One suspects that in the case of the SEC final rule, registrants will be asking the question ‘if the product or services cannot demonstrate it helps me manage my material cyber and personal legal risk compliance, and how’ it is not going to be on the buy list? Leading to further consolidation of the cyber market.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberregulation
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