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An interesting article on the recent Whistleblower award of $280 million by the SEC. Worth reading for security professionals and boards. When the legal profession focuses in, it’s a clear sign that there’s ‘gold in them there hills’, and in the case of whistleblower programs, there looks to be plenty of gold. That regulators might not have to dig deep to mine.
The role of the whistleblower is clearly changing under U.S Federal Law. It’s also an action that the article points out ‘clients should always keep at the top of their dockets, especially the benefits that a well-founded, legitimate complaint of security law violations provide agencies’.
In the case of cybersecurity. If the SEC cyber proposal becomes Securities and Exchange regulation, the effects of cybersecurity risk management especially the requirements to oversight, assurance and attest compliance will be front and center.
But for attorneys such as Kohn, the award should put every CEO and member of the C-suite on notice.
̢Now, every single executive who weighs the cost/benefit of illegal securities activity, they need to take into account that anyone around that table can report that crime and make more money than is imaginable,̢ he said.
One wonders the effect on covered organizations, national and international covered entities and the role of the Whistleblower if the SEC cyber proposal becomes securities regulation?
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA Jamie Foster Rachel V. Rose, JD, MBA
#whistleblower #cybersecurity #cyberriskmanagement #cyberregulation #cyberlaw
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