The future of cyber governance

There has been a considerable rise in cybersecurity risk in recent years. As a result, the regulatory framework has also been strengthened. At the same time, cybersecurity solutions to counter current and emerging threats have become more innovative and effective. And why not? It is the age of Industry 4.0 and 5G. Enterprises and governments worldwide look forward to accelerating their plans to ward off cybersecurity threats. Along with the former, many countries are also staring at the devastating effects caused by cyber warfare in addition to military wars being waged against those in conflict. Doubling down on closing the cybersecurity defense and disclosure gaps will require the collaboration of private and public sector resources and expertise.

A leading research firm estimates that the total market size for information security and risk management will cross 188 billion in 2023. This represents a rise of 11% more than last year. Additionally, their annual Chief Information Officer (CIO) survey found 66% of respondents are sure to increase their cybersecurity investments by 2023.

Our cybersecurity experts agree that higher authority intervention at government levels and wholehearted cooperation from the private sector can go a long way in securing robust cyber governance. The U.S. Securities and Exchange Commission has set new rules regarding cyber incident disclosure. These are aimed at enhancing and standardizing disclosures of cybersecurity risk management, strategy, governance, and cybersecurity incident reporting by public companies. This has urged organizations to improve and refine their reporting processes as well. A special Form 1.05 added to the amended Form 8-K requires companies to disclose information about a cybersecurity incident within four business days after the company determines it has experienced so.

Our security leaders came across an interesting observation by McKinsey. In its recent study, there are reportedly five elements of successful national cybersecurity strategies:

• A dedicated National Cybersecurity Agency (NCA)
• A National Critical Infrastructure Protection Program
• A National Critical Infrastructure Protection Program
• Defined laws about all cybercrimes
• A vibrant cybersecurity ecosystem

Of course, all of the above involve further deliberation on matters such as the inclusion or exclusion of a civilian body and a defense and intelligence entity, the hierarchy and levels of reporting and monitoring. Private and public sectors and government authorities should also reach a consensus on the agency's exercise of powers, control, and focal points. Will it be responsible only for critical infrastructure cybersecurity or monitor cybersecurity incidents at every level? Will citizens and small and midsize businesses also be on the radar? Although approaches to this basic structure may vary with every country, according to security consultants, they must typically reflect a country's political philosophy, federal government structure, maturity of cyber capabilities, and overall cybersecurity aspirations. Regulations in some countries may also have to be recommended keeping their sector-specific cybersecurity standards and unique needs in mind.

The path ahead will be defined by the collaborative strength of public and private counterparts. Cybersecurity needs to move beyond governments and borders in the digital age. Administrations must initiate cyber dialogues across an expansive industrial network of partners and allies to build collective cybersecurity, formulate a cyber response and boost cyber deterrence. For instance, the United States is set to launch a newvirtual rapid response mechanism at NATO to ensure allies can effectively and efficiently offer holistic cyber defense expertise, thus nipping any cybercriminal activity in the bud. Globally, the desire for a top-tier solution that can provide real-time responses across various technical domains, such as endpoint protection, cloud security, email security, etc., is growing.

As one of the top cybersecurity consulting companies in the USA, we know that the above expectations require seamless integration of native software, critical infrastructure, and cybersecurity solutions. Our experts can help enterprises and public sectors improve their cyber posture by achieving the above standards and implementing them comprehensively and affordably without compromising global compliance efforts. Get in touch with one of the top cybersecurity consulting companies in the USA to thwart cyber threats that undermine world order.