More Regulators Accept New Tool to Streamline Companies’ Cyber Compliance

The global effort to curtail cybercrime has prompted more national cybersecurity regulations, which may be laudable as policies but cumulatively burden companies with dissimilar regulator demands and filing requirements. Recently, an international business group sponsored by the City of London recommended that the Group of Seven designate the Financial Services Cyber Security Profile from the not-for-profit Cyber Risk Institute as “the accepted supervisory baseline upon which national variations can be established, so supervisors and banks alike can more efficiently use scarce cyber security expertise.” The Cybersecurity Law Report spoke to Cyber Risk Institute president Joshua Magri about its Profile, the institute’s experiences discussing regulatory streamlining with governments and the sprawl of cybersecurity compliance into new areas. See our three-part series on data localization: “Laws Spread and Enforcement Rises” (Nov. 3, 2021); “New Compliance Headaches and Costs Across the Globe” (Nov. 10, 2021); and “Cybersecurity Challenges Abound” (Nov. 17, 2021).

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