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The SEC has issued its largest Whistleblower fine to date. At $279 million it is more than double its nearest payment and sends a very clear message that whistleblowers that provide information leading to successful enforcement actions are valued. SEC Whistleblowers receive between 15% and 30% of the fine and funded out of the monies received by the SEC.
$279 million is up there with lottery winnings, and one suspects that the chances of receiving a Whistleblower payment are greater. But lets not forget they are levied by the SEC in respect of failings by organizations to adhere to regulatory commitments.
Another example of the challenges board rooms face, as cyber regulation comes into effect in the U.S. Whistleblower payments incentivize people to come forward and raise concern about compliance to an organizations regulatory requirements.
Ted Dziekanowski Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #whistleblower #compliance
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