Call us now:
There maybe trouble ahead…………….every measure that one can think of is going against companies, when it comes to cybersecurity and risk management. Cyber attacks are rising, complexity of attacks is increasing and the costs of fixing the outcome of cyber attacks is on the rise; cyber maturity is relatively low; cyber insurance doesn’t address the full impact of a cyber attack; digitization and cybersecurity have not been well aligned and my colleague @Thaddeus Dziekanowski has said many times, cloud adoption has more often than not lacked an appropriate understanding of data and data security. Cyber is a national security threat and finally boards have placed cybersecurity low down on their list of priorities.
One suspects that the chickens are now coming home to roost, creating a perfect storm for the board room. The amount of money being spent on cyber is not correlating to risk reduction; the demand for cyber resources is rising, at a time when the skills do not exist; cyber insurance does not cover the full scope of a cyber incident; to top it all cyber regulation is on the political agenda setting out civil and criminal penalties for board members, Directors and Officers and Accountable executives that is being tested in court.
Cybersecurity risk management requires a new approach. Cyber is a legal, compliance, strategic, governance and operational problem. Requiring harmonization across organisations driven by and from the board room down the organisation and from the bottom of the organisation up. It requires a cultural change that can only be drive from the board through board oversight assurance and attestation. Where quarterly, bi annual or annual meetings to evaluate cyber are not enough. An approach that boards cannot afford to ignore for the sake of their shareholders, regulators and financial statements. Corporates and insurers need to adopt a whole new way of working to manage cyber risk. An approach that Veritas GRC developed over the past 2 years.
Cyber attacks and cyber regulation is shifting cybersecurity risk management ‘Left of Bang’ whether we like it or not.
U.S. Securities and Exchange Commission, European Commission, Office of the National Cyber Director, The White House, European Parliament, Federal Bar Association, @Thaddeus Dziekanowski Brian D. McCarthy Rich Waite, M.Ed. George Sawyer Rachel V. Rose, JD, MBA Johnathan Rudy Brian Levine
#cybersecurity #cyberriskmanagement #cyberregulation #3lod
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