It was a pleasure to present to over 1,400 attendees of the U.S The Institute of Internal Auditors Inc. webinar ‘Preparing for new SEC Cyber

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It was a pleasure to present to over 1,400 attendees of the U.S The Institute of Internal Auditors Inc. webinar ‘Preparing for new SEC Cyber Disclosure’ yesterday, with my co-presenter Rachel V. Rose, JD, MBA, hosted by Michael Downing.

We covered allot of ground including the importance of materiality, reasonableness and adequacy in compliance, the evaluation of material risks and incidents, the role of a reasonable investor, what is adequate compliance, legal and fiduciary considerations, compliance considerations for registrants effected by other cyber regulations such as the U.S DoD CMMC, EU NIS and DORA, and the effects of the ruling on the audit community.

The ruling is effective the 5th September 2023, with compliance reporting beginning in December 2023. The SEC has a robust compliance regime, that includes a whistleblower program. Covered registrants that include Foreign Private Issuers have a window of opportunity to baseline current compliance and agree their strategy for demonstrating adequate compliance and reporting.

The Augusta Group will publish a paper next week on the ruling and the key tenets of compliance.

Ted Dziekanowski Bob Dix

#securitiesandexchangecommission #cybersecurity #cyberriskmanagement #cyberregulation

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