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LW ROUNDTABLE: Compliance pressures intensify as new cybersecurity standards take hold
- Global pressure on companies to implement advanced data protection measures intensified, with new standards in encryption and software transparency raising the bar.
- AI security and safety standards, responsible AI adoption, AI red teaming, and other technologies - Quantum-resilient cryptography and Software Bill of Material (SBOM) requirements aimed at bolstering supply chain security explored are reshaping compliance expectations.
- Organizations will face increased pressure to measure and demonstrate their security posture, especially as regulatory requirements expand. With new regulations like NIS2, companies will need to prove they have the necessary security controls in place to avoid penalties.
- Vendors will need to demonstrate tangible outcomes, and privacy-enhancing technologies (PETs) such as trusted execution environments (TEEs) and fully homomorphic encryption (FHE) will receive investment from businesses to mitigate risks.
- New global regulations like the EU AI Act, GDPR updates, Malaysia's privacy laws, and U.S. state privacy laws are reshaping compliance.
- The NIST Cybersecurity Framework 2.0 emphasizes governance, while the SEC mandates cyber risk reporting and incident disclosures.
- AI-driven compliance tools are expected to dominate as regulatory demands grow, replacing manual GRC processes, and businesses to adopt agile GRC systems.
- Establishing rules to address emerging risks from Generative AI and defining issues with regulators and the risk management community is critical to this landscape.
- Fostering cross-department collaboration between compliance, IT and legal teams can help organizations stay ahead - and maintain stakeholders' trust.
- Businesses need to proactively detect and address risks in the software supply chain. Amazon's third-party property management vendor was the latest victim in the MOVEit Transfer incident.
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