#Compliance: Online risk, cybersecurity make waves in gov't, industry

As both government and businesses seek to confront online risk, the worldwide cybersecurity strategy debate continues via social media.

Social media is a great tool for reaching out to and connecting with like-minded professionals in the compliance space. However, between the speed of business and healthy doses of incoming work, it's tough to babysit a Facebook profile or a Google Plus stream, and you always feel like you miss the best tweets. We get that. That's why we're mining our list of GRC literati for their nuggets of insight, wisdom and the occasional chuck...

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The past few months could be deemed the "summer of cybersecurity," as stemming the tide of online risk continues to be a worldwide concern. Both the federal government and industry are getting in on the cybersecurity strategy act, and are even developing ways to work together to improve online security.

This week, the U.S. Department of Homeland Security (DHS) announced a $6 billion contract with 17 vendors to improve federal cybersecurity. Continuing this trend toward public/private cybersecurity partnership, former DHS Deputy Secretary Jane Holl Lute announced the formation of the Council on Cybersecurity, a nonprofit coalition that will focus on spreading cybersecurity best practices.

As these and other online risk-related news stories broke, people took to social media to voice their praise -- and skepticism:

The increased scope of cyberthreats has led many industries to re-examine cybersecurity strategy initiatives. A report released earlier this month by the Depository Trust & Clearing Corp. called cybersecurity "arguably the top systemic threat facing global financial markets and associated infrastructures." The legal field and other industries have also sought ways to combat online risk and provide protection without negatively influencing everyday business processes:

As a result of more sophisticated cybersecurity threats, some businesses are even turning to "cyber liability" insurance policies:

But despite the increased cybersecurity focus, recent statistics and trends show much more still needs to be done to protect online security:

What do you think of the recent spate of online risk-related initiatives across government and industry? Is it a step in the right direction to taking online security seriously, or is it just lip service? Voice your concerns in the comments section. We'd love to hear from you.

Let us know what you think about the story; email Ben Cole, site editor. For more regulatory compliance news and updates throughout the week, follow us on Twitter @ITCompliance.

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