The SEC Whistleblower program has incentivized public and private sector employees to speak out about failures of companies to comply with U.S…

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The SEC Whistleblower program has incentivized public and private sector employees to speak out about failures of companies to comply with U.S regulations. The SEC announced amended the rules to allow the Commission to pay whistleblower awards for certain actions brought by other entities, including designated federal agencies. Further, the amendments affirm the Commission’s authority to consider the dollar amount of a potential award to increase the award amount.

The Whistleblower program has been very successful paying out over $1Billion to employees that have raised concerns to the SEC since it was first started in 2010. The payments range from 10% to 30% of the monies collected from a successful prosecution. The changes allows the SEC to cover more Whistleblowers that raise concerns in related actions and to enable it to increase the amount of the payment. Aiming to incentivise more people to come forward.

Ted Dziekanowski

#cybersecurity #cyberriskmanagement #theaugustagroup

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