Cybersecurity risk management oversight and assurance

Current U.S and EU cyber regulations including the Securities and Exchange Commission cyber ruling, EU NIS 2.0 and the Eu Digital operational Resilience Act (DORA) are driving cybersecurity ‘Left of Bang’.  Setting out common requirements for board cybersecurity risk management governance, strategy, oversight and assurance of covered entities. 

Requiring executive board to demonstrate their oversight and assurance of their cybersecurity risk management strategy, cyber security risks, declare material cybersecurity risks, material cyber incidents, cybersecurity risk management processes and the knowledge and experience of the executive accountable for the oversight and assurance of cyber risk. 

U.S and EU cybersecurity risk management regulation requires boards, appropriate board committees and accountable executives oversight, assure and attest to Cybersecurity risk management compliance. 

This requires a Target Operating Model (TOM) to align Board governance, oversight and assurance, regulatory compliance, corporate oversight functions, security capabilities and domains of operation.  So that material cybersecurity risks can be evaluated, assured and attested and material cyber incidents reported.

Cybersecurity risk management regulatory compliance is here, siting alongside regulatory enforcement regimes such as the U.S Department of Justice (DoJ) Civil Cyber Fraud initiative, and the Department of Treasury (DoT) OFAC regime for ransomware payments. 

U.S and EU cyber regulations set out comprehensive requirements for board governance of cybersecurity risks, oversight of cybersecurity risk compliance, regulatory reporting and cyber incident response.