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News and discussion on implementing risk management

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Cybersecurity

Working from home: Cybersecurity checklist

Cyber attacks were a serious risk even before the COVID-19 pandemic. As many organizations have instituted work-from-home procedures, the risk is elevated. The increase of non-standard communications, the use of new and untested remote working arrangements and a heightened level of stress and anxiety all create new vulnerabilities for threat actors to take advantage of. Incorrectly addressed emails, theft of company devices and a massive increase in remote connections all increase the risk of a successful cyber attack.

 

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Fiscal year ends, business continuity, and COVID-19

At the best of times, fiscal year ends are challenging. Organizations with upcoming or recent fiscal year ends will undoubtedly find them particularly challenging. Organizations with robust policies and procedures will likely fare better than those without. Consequently, it will be helpful to start your year end planning as early as you can.

 

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Risk-based cyber risk reporting

I encourage you to subscribe (free) to McKinsey’s frequent reports. Their latest, Enhanced cyberrisk reporting: Opening doors to risk-based cybersecurity has some good observations. Unfortunately, their ideas for addressing the problem don’t work for me.

 

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Advisory committee on open banking releases report on consumer-directed finance

On January 31, 2020, the Advisory Committee on Open Banking (the “Committee”) issued its first report (the “Report”) in connection with the Department of Finance Canada’s (“Finance Canada”) consultation process on open banking.

 

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Mandatory cybersecurity incident reporting for IIROC investment firms

In November 2019, the Investment Industry Regulatory Organization of Canada released new mandatory reporting requirements for cybersecurity incidents, per IIROC Notice 19-0194. What are the new requirements?

 

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New report on the cost of a cyber breach

You may be surprised to hear that the average cost of a data breach is just $3.9 million. That sounds far different than indicated by the alarm bells screaming at you from all sides.

 

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Not-for-profits should leverage information technology, safely

Not-for-profits have numerous opportunities to leverage information technology (IT), from social media to cloud computing and beyond.

 

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The board and cyber security

There’s another useful article on Forbes. How to talk to the board about cybersecurity is written by an experienced CIO, John Matthews. Here are some useful excerpts with my highlights:

 

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Cyber and the board

There’s an interesting article in the Harvard Law School Forum on Corporate Governance and Financial Regulation. What the Capital One Hack Means for Boards of Directors has some interesting insights that merit the attention of risk, cyber, audit, and governance practitioners.

 

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The Québec Private Sector Privacy Act: When does it apply to organizations outside of Québec?

While Québec Courts have delineated the scope of province’s Private Sector Privacy Act through the notion of “enterprise,” they have yet to delineate the scope of the Act’s territorial application. Determining the territorial application of Québec privacy legislation thus remains unsettled and unclear.

 

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New reports on the cost and incidence of cyber breaches

A cyber breach can affect an organization in many ways, from trivial to devastating. There is a range of potential effects, each with its own likelihood.

 

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The cyber heat map

Vince Dasta of Protiviti makes a good point (pun intended – as will be explained shortly) in Cyber Risk Assessment: Moving Past the “Heat Map Trap”.

 

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SWIFT publishes cybersecurity counterparty risk guidelines

On February 15, 2019, the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) published guidelines for assessing cybersecurity counterparty risk for financial institutions (the “Guidelines”).

 

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Test for patent obviousness not so obvious – Federal Court of Appeal affirms obviousness is a “flexible, contextual, expansive, and fact-driven inquiry”

In late January, in two decisions released simultaneously, the Federal Court of Appeal affirmed the broad and factually-suffused nature of the obviousness inquiry.

 

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Hyperventilating about cyber – Part 2

Is the level of concern about cyber merited? Should organizations and individuals be as worried about the possibility and consequences of a breach as they are advised by the consultants, information security pundits, and in news reports?

 

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