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Thank you for posting Ted Dziekanowski. Cyber attack frequency, complexity and severity have been increasing over the past 5 years. We’ve seen ransomware and API threats increase and new complex threats emerge; government agencies are now voicing concerns about the threat of cyber attacks on CNI infrastructure; the insurance industry continues to underwrite cyber risk ‘Right of Bang’; we’ve had governments make it clear that market forces have not worked for the management of cybersecurity; we’ve had government agree that companies should not pay ransom fallowing cyber attacks.
Yet many have not worked out how to manage cyber risk; we have not worked out how to provide a whole of society solution to the management of cybersecurity; companies are finding it hard to close the economic cyber coverage gap; market forces have failed to reduce cybersecurity risks for many organisations; as a result we have introduced cyber regulation to enforce cybersecurity risk management compliance.
The article makes an interesting observation about what we have done, or not, historically to manage cybersecurity. The limited resource many companies have to manage cyber, and the rush to fix problems that are not clearly understood and articulated with solutions that may not reduce cyber risk.
One sees the challenges ahead. Regulators will expect covered organizations to demonstrate that they understand risk, have identified controls to mitigate risk and can demonstrate adequate risk management. Perfection does not exist, but being able to demonstrate an organisation understand its risks and is taking active steps to economically manage those risks in line with risk appetite can be demonstrated. A process that is required in order to oversight, assure and attest the effectiveness of the management of cyber controls, and cybersecurity risk management regulatory compliance.
Ted Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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