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Ted Dziekanowski one suspects that we are starting to gear up for the release of the SEC cybersecurity risk management proposal. That if materializes affects companies globally seeking capital from U.S markets covered under the Securities and Exchange Act 1934. The requirements of which will be onerous boards of publicly traded firms in the U.S to say the least and includes foreign registrants. The SEC rules do not just require boards to sharpen their cybersecurity oversight, the proposal significantly increases legal risk for board members and cybersecurity professionals. Demonstrated through precedence setting cases in 2022 (CHS health, Aerojet Rocketdyne, Uber, Drizly).
Board governance, oversight, assurance and attestation of cyber risk is required under the proposal. Organisations will have to implement cybersecurity risk management practices in addition to traditional cybersecurity programs and board members will have to confirm their knowledge and experience to oversight cyber risk and organisations will have to report cyber incidents. When the traditional approach has been to transfer cyber risk through cyber insurance is no longer a sole viable option. At a time when cyber incident frequency, complexity and severity is increasing.
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#cyberriskmanagement #cybersecurity #cyberrisk #securitiesandexchangecommission #cyberinsurance
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