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The U.S government, and EU for that matter, have not chosen to regulate cybersecurity lightly. Regulation is being introduced in response to the need to address the increased risk of cyber attacks to Critical National Infrastructure, Financial Institution’s and secure our digital way of life. Cyber attacks are increasingly becoming a national and economic security problem. A problem that market forces have failed to address.
SEC has not chosen to regulate cybersecuirty lightly, nor is cybersecurity a quiet revolution, its more of an explosion that’s rippled out across the U.S.,EU and APAC. Affecting covered public and private sector as cyber becomes a legal and compliance issue for boards and one with civil and criminal penalties attached.
In response we discussed the SEC final rule with members of the Federal Bar Association this week, to increase the knowledge of U.S attorneys. As the SEC drives regulatory compliance conversations in board rooms and between boards, their executives, and those responsible for complying with the SEC rule.
The SEC final rule is just the start, with EU NIS 2 and DORA affecting cybersecurity compliance across CNI and FIs. The Australian government has just started a consultation to examine changes in government regulation to increase board accountability for cyber security. Cyber regulatory compliance is going to create a multitude of challenges for covered firms over the coming few years, as firms start to close the risk transfer gap.
Ted Dziekanowski Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cyberregulation
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