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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-01-30T15:54:00
Cybercrime is regularly cited as a leading concern for executives, yet board oversight of cyber risks is often inadequate and governance poorly understood, according to the authors of a proposed U.K. code of practice on cybersecurity governance.
On Jan. 23, the U.K.’s Department for Science, Innovation, and Technology opened a consultation to gather views on the code, which is intended to make cyber governance accessible for senior management and elevate cyber risk to the status of other core business risks, such as finance.
The code emphasizes the importance of embedding cyber resilience in organizational strategy and integrating it across all business processes. This should include an effective cyberattack response and recovery plan. Responsibilities for cybersecurity should be allocated to named individuals, and plans should be tested regularly. There should be a formal system for reporting cyber incidents, plus cyber training for all employees.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-01-24T23:23:00Z By Adrianne Appel
Cooperation between businesses and the new cybersecurity section at the Department of Justice has led to the successful defanging of numerous, major ransomware operations worldwide in just the few months since its creation, according to its chief.
2024-01-23T12:56:00Z By Kyle Brasseur
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
2024-01-19T19:40:00Z By Kyle Brasseur
Apparel company VF Corp., the owner of brands including The North Face, Vans, and Timberland, disclosed its estimation approximately 35.5 million customers had their personal data stolen as part of a cybersecurity incident it uncovered in December.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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