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Cyber regulation shifts cybersecurity risk management compliance ‘Left of Bang’ on to the financial statements, and into the board rooms of covered entities. EU NIS 2.0, DORA, the SEC proposal sets board room accountability and responsibility for cybersecurity and provides internal and external General Counsel with challenges and opportunities in supporting cybersecurity risk management compliance.
As we discuss in the enclosed, cyber regulation forces cyber risk transfer from cyber insurance to financial statements. Requiring boards adopt a 3 Line of Defence (3 LoD) model for cybersecurity risk management compliance. As regulators require boards to oversight, assure and attest their cyber risks, report incidents and report compliance as requirements for market participation.
Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA Jamie Foster
#cyberriskmanagement #cyberlaw #cybersecurity #governance
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