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A complaint filed by the US Securities and Exchange Commission (SEC) against SolarWinds and its Chief Information Security Officer (CISO) Tim Brown has shed light on the importance of transparency and accountability in cybersecurity. The SEC alleges that Brown misled investors and made inaccurate statements about SolarWinds' cyber posture, emphasizing the need for effective communication between CISOs and senior executives. To address this issue, CISOs can leverage financial Cyber Risk Quantification (CRQ) models to provide accurate risk assessments in a language that non-technical colleagues can understand. CRQ tools enable CISOs to express cyber risk in financial terms, facilitating discussions with board members and enabling informed decision-making. By quantifying potential cyber events and their financial impact, CISOs can effectively communicate the scale of risks to the board. CRQ also establishes risk thresholds and provides a transparent basis for reporting potential cybersecurity losses. Utilizing objective data, CRQ solutions foster trust between the CISO and the boardroom, promoting collaboration and informed risk management. However, stakeholders must ensure accurate disclosures when utilizing CRQ to enhance transparency and accountability. Overall, CRQ can help CISOs navigate the evolving cybersecurity landscape and ensure that all stakeholders are held accountable for the organization's cybersecurity efforts. [0ac10498]
Rick Bueno, the president and CEO of Cyber Reliant Corp, discusses post-quantum cyber risk and its impact on financial services in an episode of the RegFi series hosted by Jerry Buckley and Sasha Leonhardt. Bueno explains how the exponential difference in computing power between quantum and classical computers will transform industries, including financial services, and the potential for new cybersecurity threats. He outlines strategies for policymakers and industry participants to prepare for post-quantum cybersecurity risk, including technology-agnostic cybersecurity strategies and shifting from perimeter defense to data-centric solutions. The discussion also emphasizes the need for collaboration and careful consideration of the ethical and societal implications of emerging technologies. [073d966a]