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Regulatory compliance in the U.S. especially in the areas of Sanctions, Cyber and Crypto is creating a compliance headache both for Federal agencies and their intended recipients. While Sanctions are not new, the convergence of AML, ESG, Cybersecurity and Crypto legislation and regulatory enforcement programs is creating a significant compliance headwind for firms across all sectors.
For companies outside the U.S. say in the E.U. this is compounded further with the addition of local legislation. EU firms reliant on U.S. markets and capital will have to address cybersecurity regulations on both sides of the pond. With SEC proposals for cybersecurity, the DoDs DFARS/ CMMC program (defense contractors), local data protection laws, EU NIS 2.0, and DORA, Basel 3 for Financial services firms and local cyber regulations.
While the legislation is building up, regulatory enforcement regimes are also following suit. With the DoJs Civil cyber fraud initiative, capital adequacy oversight for financial services firms by U.S and EU finance regulators and regulatory oversight of DORA.
Getting cyber right is becoming a priority. As regulatory precedence builds, cyber attacks become more complex and markets are paying close attention to what companies and their boards are doing to manage cybersecurity risk.
How will EU and U.S. firms respond to the approaching wave of cybersecurity regulation?
Ted Dziekanowski
#cybersecurity #cyberregulation #cyberrisk #governance #compliance #securitiesandexchangecommission #dora #doj
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