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The story is not so fictitious for covered companies caught by a cyber attack under the SEC cyber rule. Nor is materiality a murky conversation, albeit its a complex one. Rachel V. Rose, JD, MBA and I discussed the effects of Materiality of cyber attacks last year (https://lnkd.in/e8u6mj4a), and the opportunity that cyber attacks provide for shorting stock. Regulators and investors are paying closer attention to the actions of boards, their management of cyber risks and their longer term legal and compliance effects.
Complying with cyber regulation is not a cybersecurity problem, its a legal and regulatory compliance risk. Compliance, or lack of, comes with civil and criminal penalties for boards, accountable executives and organizations. We formed Veritas GRC to provide boards with the necessary tools to demonstrate cyber legal regulatory compliance. Through programs that address board cyber risk management required by the SEC, to meet Federal cyber compliance obligations. Programs developed by cybersecurity, risk management, educators and Attorneys. Supported by Cyber risk management advisory and organizational design services.
It is not economically possible for companies to manage all cyber risk, but it is possible for Boards to demonstrate they have taken reasonable, actionable steps to understand material risks, implement appropriate risk mitigation and Plans of Action with Milestones.
Our paradigm is simple, ‘Can one present a reasonable, adequate cybersecurity risk management case to a regulator and/or court’
and
‘Can one demonstrate to a reasonable investor that the value of their investment is being protected, while protecting the companies financial statements’?
Ted Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer
#cybersecurity #cyberriskmanagement #veritasgrc
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