President Trump recently issued an Executive Order (EO) called “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure.” As a natural successor to the 2013 EO issued by President Obama – a mandate that spurred the creation of the now gold standard NIST Cybersecurity Framework to standardize the way organizations assess, monitor, and manage cyber risk – this EO requires federal agencies to have reported on and outlined mitigation strategies for cyber risk by August 9, 2017 – last Wednesday.
Cyber risk and damages incurred by cybercrime are estimated to hit $6 trillion annually by 2021. More and more executives and liability experts are considering cyber risk as equally deserving of leadership’s attention as financial risk within an enterprise. The latest federal mandate acknowledges this economic and technological threat as worthy of more coordinated defense, encouraging greater sharing of information between public and private organizations, established protections of privacy and liability for those sharing the information, and widespread adoption of the CSF by private industry.
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