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The Australian Securities & Investments Commission (ASIC), that overseas companies and financial services. Looks to be taking a leaf out of the SECs book, as it focuses on the role of the board in cybersecurity risk management.
ASIC will seek to make an example of board directors and executives who are recklessly ill-prepared for cyberattacks, by taking legal action against compromised companies that did not take sufficient steps to protect their customers and infrastructure from hackers.
The ASIC chair Joe Longo “If things go wrong, ASIC will be looking for the right case where company directors and boards failed to take reasonable steps, or make reasonable investments proportionate to the risks that their business poses.’
One commented last week with Ted Dziekanowski, on the adequate and reasonable steps organisation should consider in addressing the SEC cyber rule. Steps that regulated covered entities should consider if they wish to demonstrate adequate cyber risk management. (https://lnkd.in/eXPVxrUw)
Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation
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