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With the fall out of the U.S mid term elections crystalizing, will cyber be one issue that both sides of the House of Representatives and the Senate agree on? While there will be plenty of time and opportunity for soul searching between Democrats and Republicans, addressing cybersecurity should be one area that both should agree upon. For the sake of National, Federal, State and Tribal Security.
Working in the Financial Services Industry I can attest that cyber compliance is delivered through regulatory pressure, that includes requirements for regulatory capital. Put simply banks and insurers are regulated to hold minimum amounts of capital to manage risk under Basel accords. The more risk they carry the more capital they are required to hold. Reduce risk, reduce capital and banks can use that money to make more money. Managing risk, including cyber risk has a financial benefit and that’s alongside keeping other consumer or data regulators happy.
Regulation is an unfortunate bi-product of the failure in market forces and Government strategy to address the cyber problem. The CNI that banks are part are critical to every aspect of our lives, from energy, water, transportation, agriculture, chemical, manufacturing, communications and digital connectivity.
Expect more regulation and be prepared. Like banks I’m not sure there is any alternative. If there is please let me know?
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberregulation #cyberlaw
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