It’s a cybersecurity twister Dorothy!
getty
The SolarWinds breach is getting uglier — systemically ugly. The breadth and impact of the SolarWinds breach is described as the most severe cyber-attack in history.
There have also been reports of “insider trading” by SolarWinds institutional investors before the breach going public. This all but guarantees an SEC investigation along with other litigation. Together with the third-party risk exposure of key federal government agencies along with exposure to 18,000 other entities that have been reported, this is a systemic risk disaster unfolding in real time.
Is this the wake-up call corporate boards have needed on cybersecurity risk oversight? Will this force them to now understand how systemic risk thrives throughout their complex digital business systems? Will this drive the addition of corporate directors with cybersecurity skills to the board and force boards to organize themselves more effectively on cybersecurity risk oversight to reduce litigation risk and business-related cyber risk? Will regulators force them to do this if they don’t do it on their own?
Does this also change…
