How to Navigate New Compliance Requirements

🔒 Cyber GRC: Essential Steps in Light of SEC Cyber Rule, NIST CSF 2.0, and CISA CIRCA 🔒 In today's dynamic digital landscape, managing cybersecurity goes beyond merely protecting systems. It's about Cyber GRC (Governance, Risk, and Compliance)—a comprehensive approach to aligning cybersecurity measures with business strategy, mitigating risks, and ensuring compliance with regulations. With the recent SEC Cyber Rule, NIST CSF 2.0, and CISA CIRCA, Cyber GRC's importance has reached new heights. Here's how you can leverage Cyber GRC to stay ahead: Governance: Establish a robust cybersecurity governance structure that sets clear policies and responsibilities. Define how your organization's cyber strategy aligns with business goals and industry standards like the NIST Cybersecurity Framework (CSF) 2.0. Risk Assessment: Regularly evaluate cyber risks to identify vulnerabilities and potential threats. Incorporate CISA CIRCA guidelines to manage cyber incidents effectively, minimizing business impact. Compliance: Ensure adherence to the new SEC Cyber Rule, which mandates disclosure of cyber incidents and proactive measures to safeguard data. Keep up-to-date with evolving regulations to maintain compliance and avoid penalties. Incident Response: Develop a comprehensive incident response plan, integrating guidance from CISA CIRCA and NIST CSF 2.0. Test and refine it regularly to ensure swift action when needed. Continuous Improvement: Cyber GRC is an ongoing process. Monitor performance, conduct audits, and adapt strategies to address emerging threats and regulatory changes. By integrating Cyber GRC into your organization's DNA, you can navigate the evolving cyber landscape confidently. This holistic approach safeguards against risks, maintains compliance, and ensures your cyber strategy supports business growth. How is your organization adapting to the new regulatory landscape?

❓ DID YOU KNOW - that by updating your SoA, scope, audits, risk plans, and documentation, you can integrate new compliance standards like DORA into your ISO27001 ISMS and it's certification. This integration helps ensure both frameworks are aligned, verified, and auditable under your next certification cycle. To extend the scope of your ISO27001 ISMS to include additional compliance one path forward is outlined below: 1. Update the Statement of Applicability (SoA): ✅ Identify new controls required by the additional compliance standard (e.g., DORA). ✅Map these to existing ISO27001 Annex A controls or create new controls if needed. ✅Update the SoA to reflect the new controls and justify their inclusion. 2. Revise the Scope Statement: ✅Extend the ISMS scope to include the new standard’s compliance requirements. ✅Document how the new standard affects processes, systems, and external parties.    3. Modify the Internal Audit Program: ✅Update the internal audit program to include the new controls. ✅Ensure auditors are familiar with the new standard’s requirements. ✅Integrate findings into the overall ISMS audit process. 4. Update Risk Assessment and Treatment Plans: ✅Conduct a risk assessment that includes new risks introduced by the compliance standard (e.g., ICT risks under DORA). ✅Revise your risk treatment plan accordingly. (see ISO27005 or ISO31000) 5. Revise Documentation and Policies: ✅Ensure new policies and procedures required by the compliance standard are integrated into ISMS documentation. ✅Update key ISMS policies (e.g., incident management, third-party management) to reflect the changes. 6. Include in Management Reviews: ✅Add the new compliance controls to management review discussions, ensuring feedback on their performance and any new risks. 7. Communicate the Changes: ✅Communicate the updates to all relevant stakeholders (employees, third parties, regulatory bodies). ✅Ensure training and awareness programs reflect the new compliance requirements. 8. Engage with the Certification Body: ✅Notify your certification body about the extended scope and ensure the next audit includes verification of new controls. Tom McNamara, does this align with our conversation? Please correct anything I've misstated or areas that require better clarity. A-LIGN Atoro #iso42001 #DORA #TheBusinessofCompliance #ComplianceAlignedtoYou

On August 1, 2024, the European Union's AI Act came into force, bringing in new regulations that will impact how AI technologies are developed and used within the E.U., with far-reaching implications for U.S. businesses. The AI Act represents a significant shift in how artificial intelligence is regulated within the European Union, setting standards to ensure that AI systems are ethical, transparent, and aligned with fundamental rights. This new regulatory landscape demands careful attention for U.S. companies that operate in the E.U. or work with E.U. partners. Compliance is not just about avoiding penalties; it's an opportunity to strengthen your business by building trust and demonstrating a commitment to ethical AI practices. This guide provides a detailed look at the key steps to navigate the AI Act and how your business can turn compliance into a competitive advantage. 🔍 Comprehensive AI Audit: Begin with thoroughly auditing your AI systems to identify those under the AI Act’s jurisdiction. This involves documenting how each AI application functions and its data flow and ensuring you understand the regulatory requirements that apply. 🛡️ Understanding Risk Levels: The AI Act categorizes AI systems into four risk levels: minimal, limited, high, and unacceptable. Your business needs to accurately classify each AI application to determine the necessary compliance measures, particularly those deemed high-risk, requiring more stringent controls. 📋 Implementing Robust Compliance Measures: For high-risk AI applications, detailed compliance protocols are crucial. These include regular testing for fairness and accuracy, ensuring transparency in AI-driven decisions, and providing clear information to users about how their data is used. 👥 Establishing a Dedicated Compliance Team: Create a specialized team to manage AI compliance efforts. This team should regularly review AI systems, update protocols in line with evolving regulations, and ensure that all staff are trained on the AI Act's requirements. 🌍 Leveraging Compliance as a Competitive Advantage: Compliance with the AI Act can enhance your business's reputation by building trust with customers and partners. By prioritizing transparency, security, and ethical AI practices, your company can stand out as a leader in responsible AI use, fostering stronger relationships and driving long-term success. #AI #AIACT #Compliance #EthicalAI #EURegulations #AIRegulation #TechCompliance #ArtificialIntelligence #BusinessStrategy #Innovation 

SEC's Cybersecurity Rule: Prioritizing Action Over Avoidance The Harvard Law School Forum on Corporate Governance recently offered actionable advice for companies navigating the new SEC requirements. This proactive stance contrasts with the Chamber of Commerce's efforts to sidestep or challenge the new regulations. It's vital for organizations to understand their roles and responsibilities to comply effectively with these regulations. By taking tangible steps, rather than merely avoiding the issue, businesses can cultivate a robust cybersecurity environment that holds up to scrutiny and maintains investor trust. Roles and Their Associated Questions to Consider: - CEO/CFO:  - Are the integrity and completeness of the disclosed information reliable?  - Is the organization ready for the broader disclosures required by the new rule? - Boards:  - How can consistent, effective reporting provide insights into key cyber risks?  - Should the board actively engage with cybersecurity experts for better knowledge and understanding?  - How can they have productive discussions with the Chief Information Security Officers (CISO) and relevant teams? - CIO/CISO and team:  - Does the cyber risk management program meet the disclosure standards?  - How can the team determine the significance of an incident promptly?  - How can the cybersecurity program be assessed and improved continuously? - Legal:  - How can disclosures be drafted to remain compliant without revealing sensitive details?  - How will the team establish criteria for determining the significance of an incident?  - In case of potential risks to public safety or national security, how will coordination with federal law enforcement be managed? - Internal Audit:  - How will the team ensure that disclosures are complete and accurate?  - What processes are in place to ensure the organization's internal measures are efficient and consistent? By taking a proactive approach, businesses can position themselves for success. Understanding change, its effects, and implementing strategic actions can turn challenges into growth and resilience opportunities. #cybersecurity #regulation #governance

For SEC-regulated firms, it's the quick and the dead. A continuous compliance cycle manages regulatory risk, protects data, and safeguards your reputation even though: 🔳 Technology is changing faster - AI is popping up almost everywhere - Demand for returns = latest tech is not negotiable - as-a-Service deployment models are the norm, making governance key 🔳 Regulatory requirements are complex and evolving quickly - Investment advisor cybersecurity rules are due soon - Some have already been hit with “AI washing” charges - Additional proposed AI rules layer on even more demands 🔳 The high cost of non-compliance are high - Investment advisors have been hit with “AI washing” charges - The SEC fined eight firms $750,000 for not having or following policies - One firm got fined $4 million for material nonpublic information mishandling Want to know how StackAware helps SEC-regulated clients deal with these risks? 1️⃣ Assign clear accountability If everyone is in charge, no one is in charge. Defining policy and procedure ownership is the key here. 2️⃣ Implement a continuous review process Yearly reviews aren’t enough to stay secure and compliant. Drive reviews based on: - Emerging risks - Business events - New compliance demands - Technological developments - “Regulation-by-enforcement” events 3️⃣ Leverage compliance-as-code PDF policies aren’t going to cut it. You’ll be dealing with: - Unclear references - Duplicative and conflicting documents - Painful change management and review meetings Use a single source of truth to drive your compliance program and reap the rewards. Define standards-focused “views” of your policies while still allowing for effective cyber risk management. 🏦 Bottom line Regulatory penalties will hit it directly - through fines - and indirectly - through reputation (and possibly cyber) damage. In 2024, continuous compliance is the name of the game. --- Need more tips at the intersection of AI, cybersecurity, and risk management? Head to my profile (Walter Haydock) and ring my bell 🔔!

🚦 Navigating the AI Regulatory Maze: Where Innovation Meets Accountability   The AI revolution isn’t waiting, and neither should your governance strategy. While businesses sprint to deploy AI, many are overlooking a growing risk: a rapidly evolving regulatory landscape with no universal playbook.   Here are three things, I’m observing in the AI compliance world:   1️⃣ Governance gaps = compliance blind spots Too often, AI is treated as a tech initiative, not a business risk that demands cross-functional oversight. This mindset creates dangerous blind spots in ethics, privacy, and accountability. 2️⃣ Global regulatory fragmentation is real While the EU AI Act sets the gold standard for risk-based regulation, the U.S. remains a patchwork of agency guidance and state-level laws. Multinational teams are left navigating complexity, and uncertainty. 3️⃣ Accountability structures remain underdeveloped The good news? According to the latest IAPP AI Governance Professions Report, 77% of organizations surveyed are now paying attention and starting to prioritize AI governance. But how well have they have clearly defined ownership, decision rights, and escalation paths, with potential critical gaps in risk mitigation and compliance.   🛠️ What can you do right now? • Build a RACI matrix for AI governance, clearly define who is Responsible, Accountable, Consulted, and Informed across legal, compliance, tech, and business SMEs • Conduct AI impact assessments to evaluate and document potential risks before deployment • Establish a regulatory watchtower to monitor AI laws across all your operating regions, this shouldn’t be an annual exercise, but a continuous one   👉 The organizations that thrive with AI won’t just deploy it, they’ll govern it well. Turning compliance into a competitive edge begins now.   What governance hurdles are you seeing in your AI journey? Please share your thoughts👇 #AIGovernance #AICompliance #ResponsibleAI #Leadership #RiskManagement #RegulatoryReadiness

Dutch Schwartz at SideChannel offers a reflective analysis on the first year of the SEC Cybersecurity Regulation, which came into force on December 17 last year. Tailored for board members, CEOs, CIOs, and cybersecurity leaders, this video highlights actionable strategies to navigate regulatory demands. Key points explored: Strengthening Third-Party Risk Management: Why evaluating third-party software and solutions is a cornerstone of effective cybersecurity risk strategies. Enhancing Governance Oversight: The critical role of boards and management in documenting oversight activities and ensuring transparent, consistent communication. Navigating Disclosure Requirements: A clear guide to the annual reporting obligations, including what must be addressed in 10-K filings. Whether you’re leading security efforts or steering executive decisions, this video equips you with practical insights to align your organization with regulatory expectations and elevate your cybersecurity governance. Stay ahead. Stay engaged. Stay curious!