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Some threats are predicated, some threats are present. Rising geopolitical tensions, environmental action and AI are risks facing boards. A risk that is not discussed in depth is the risk that boards face from cybersecurity risk management regulation in the U.S and EU.
Geopolitical Tension, AI and climate disclosure are significant risk factors. One would argue that cyber risk is a bigger risk factor for individual covered entities. The SEC final rule, EU NIS 2 and DORA are existing regulations. Ones that are little understood and little discussed. But a risk that will significantly impact corporate liability, and D&O exposure. As cyber risk regulation comes with both civil and criminal penalties, that are being tested by the SEC (Uber, SolarWinds) and are defined by EU NIS 2 and DORA and being transposed by EU member states.
One can expect 2024 to see individuals and organisations face cyber litigation as regulators seek to make an example of compliance failure to the SEC final rule. Ahead of EU cyber regulation. Increasing cyber insurance and D&O liability exposure. While some risks are easier to avoid, cyber risk management is an expensive risk to mitigate. When one considers the civil and criminal liabilities that could be imposed in the U.S and EU it maybe an expensive risk to litigate.
It is a risk that is increased by geopolitical tensions, AI and some degree ESG and one many companies will find difficult to fix.
Ted Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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