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The challenges for the financial services sector is the volume of cybersecurity regulation that is developing. Regulation that is national, regional and sector specific. This is a great report rom the Bank of International Settlements highlighting the importance of cybersecurity risk management, the volume of cyber regulation, the evolution of cybersecurity regulation and the role of prescriptive cyber regulation on the finance sector.
One must not forget that the Financial Services Sector is effected by a significant amount of cyber regulation that is being proposed or finalized across the EU, U.S and Australia. Creating challenges for the boards of covered entities as regulation evolves into cybersecurity risk management. Especially with some regulators seeking to impose individual and corporate civil and criminal penalties for compliance failures.
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA
#cybersecurity #cyberriskmanagement #bis #cyberregulation
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