Boards are now paying attention to the need to participate in cybersecurity oversight. Not only are the consequences sparking concern, but the new regulations are upping the ante and changing the game.
Is Your Board Prepared for New Cybersecurity Regulations? (hbr.org)
All cybersecurity begins with knowing what’s on your network. Beyond that, manufacturers must know what cyber and operational risks exist across sites and be able to detect and prioritize response to threats before they lead to downtime.
Detecting Cyber Risks Before They Lead to Downtime | Manufacturing.net
Even while the average economic loss per consumer may be modest, when the prospective class-action pool is large enough—up to 10 million plaintiffs—compensatory damages—even in the absence of exemplary damages— Optus Data Breach compensation could potentially reach billions of dollars.
How to get Optus Data Breach compensation: Class action investigations explained – Dataconomy
If we are going to reap the rewards of third-party relationships, then we must also identify, manage and mitigate the risks. A rigorous TPRM program is key to achieving just that, which means effective third-party oversight is more important than ever.