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Ted Dziekanowski cyber regulation transfers risk Left of Bang, as cyber regulators set the baseline compliance requirements for boards and cyber professionals of U.S Capital Markets; New York Covered Financial Entities (NYDFS); soon to set the baseline for CNI and Financial Institutions in the EU, and focus on board cyber compliance in Australia.
With the considerable cyber gap, regulators and insurers will play a big role in risk transfer of covered entities. Ted called it moving ‘Left of Bang’ in our 2022 and 2023 papers (https://lnkd.in/eGyNKvZc), and we wrote it into our cybersecurity risk management governance program. A program written for the boards of firms in the EU, required under EU NIS 2 and DORA, and one we would advise U.S covered boards to consider to demonstrate cyber regulatory compliance.
Will insurers be the next auditors, they are not professionally qualified. But will insurers require covered firms to provide more information on their cyber compliance, almost certainly yes.
‘Finally, an ugly truth: Organizations are in competition with each other for coverage, and a CISO must be able to prove their organization’s cyber maturity is better than the rest.’ – There’s only so much capital in the market to cover the risk.
Reach out to us to find out more on cyber regulatory compliance.
Brian D. McCarthy Bob Dix
#paravasecuritysolutions #cybersecurity #cyberriskmanagement #insurance
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