In this "Part II" post for Forbes Finance Council, I tackle the challenges of governmental regulation as it applies to cyber security risks.  With the U.S. Securities and Exchange Commission (SEC) becoming more active in their oversight of business cyber risk, I lay out a proposed path to effective regulatory oversight with a focus on results (better security) with measurable transparency and visibility through an expansion of corporate audit scope.  There is no magic bullet in cyber nor is there a "one size fits all" regulatory framework.  This reality will test both businesses and their regulators as we look to develop effective and necessary oversight to the existential and system risks of cyber security...