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This is a must read from the Wall Street Journal, (https://lnkd.in/d-i5Fvr) a Christmas present from COSO. For those of you who haven’t heard of COSO they are a standards setting body for Risk and Controls evaluation. They are influential in that they work to set standards for the evaluation of risk and controls, one used within the audit community for Financial audit and Sarbanes Oxley. I was using their guidance many years ago to build a controls framework for IT and Cyber controls to satisfy SoX (Sarbanes Oxley).
They have developed guidance for the evaluation and oversight of cyber related controls, as part of Enterprise Wide Risk management, with Deloitte. Aimed at the board table down.
My prediction for 2020 will be that along side other regulations which are in place, those which are working their way through the legislative process, the audit community will develop standards and formally set expectations for the oversight of cyber risk. The PCOAB has already made its concerns known earlier in the year, the guidance being set by COSO and amongst other things the recent release by the Bank of England of its operational resilience Consultation Paper.
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