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There are few choices on the table for boards to manage cyber risk. Boards have to considered cyber as an investment and not a cost. Until that situation changes, history shows there will be little change.
Boards face several challenges, that makes this decision for them.
a. Cyber-attack frequency, complexity and severity is going up, not down.
b. Market forces have failed to address cybersecurity risk management. (Money spent on cyber vs. effect on cyber-attacks).
c. Cybersecurity risk management is being regulated by Nation states. (SEC, NIS 2, DORA).
d. Cyber insurance is struggling to meet the demands of organisations. (Cyber coverage gap, exclusion clauses, insurance caps, premiums, capital).
e. Cyber-attacks are a risk to national, economic and security risk. (Several congressional committee statement ins 2024).
Are there alternatives. ‘Shift Left’, and make cyber an investment and the efficient use of capital? ‘Shift right’ is relying on cyber insurance as a risk transfer tool working?
A recent presentation to a Congressional committee highlighted the potential cost of a global systemic cyber attack as close to $1 Trillion. A figure that would be impossible to fund. Let alone address the non financial impacts.
What other solutions are there @Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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