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The Beazley report on cyber insurance is worth taking a look at. What is of concern is the Boardroom perception of cyber risk falls sharply from the pandemic years. Well one can guarantee with 100% certainty that this is going to change over the next 12-18 months.
The Beasley report does not consider the effect of cyber regulation on U.S and EU Board rooms We still seem to want to focus on ‘Right of Bang’, when regulation now forces boards ‘Left of bang’. We have made our clients acutely aware that regulations is now coming on stream, regulating cyber compliance both left and right.
There is often a view that U.S and EU cyber regulation won’t effect the UK, this is wrong. Regulation will be felt very soon, when U.S and EU companies and UK foreign Private Issuers on U.S Capital markets have to demonstrate compliance to the SEC final cyber ruling. That will become effective 30 days from its addition to the U.S National Register (early September 2023) requiring 8-K submissions for material incidents 90 days after addition, and reporting of material cyber risks in annual reports through regulation S-K from the end of 2023. EU NIS 2 and DORA will come into effect at the end of 2024. Regulations that will increase legal and compliance risk for covered entities.
We will publish our papers on the Final ruling shortly. But here is our paper on EU NIS 2 – https://lnkd.in/eQtqxeFf
Rest assured given the changes in U.S and EU cyber regulation, board attention will increase, including for smaller firms. As covered firms are required to disclose cyber supply chain risks and much more to regulators at risk of civil or criminal liability.
One wonders the effect of cyber regulation on D&O insurance?
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance
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