If you are a cyber security professionals then the enclosed speech from the Securities and Exchange Commission (SEC) is worth a read.

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If you are a cyber security professionals then the enclosed speech from the Securities and Exchange Commission (SEC) is worth a read.

Cyber is the biggest non-financial material risk on the corporate balance sheet, for capital markets, investors and importantly public companies? Recent US cyber attacks have highlighted the systemic nature of cyber. The Cybersecurity Solarium commission wrote to the SEC in May 2020 requesting that the SEC under its remit of market regulator focus on cyber security, financial reporting and internal controls of public firms. (https://lnkd.in/dYhhkGy).

The SEC has the regulatory authority to enforce reporting as a material risk under ESG, with significant powers of enforcement. At the very least public companies will be questioned if they don’t report cyber risk assessments, mitigation and impact to the balance sheet to investors.

Is there a way to manage cyber risks without regulation, setting appropriate frameworks for regulatory oversight and enforcement? The May 2021 Presidential Cyber EO sets the course for greater Federal Oversight and Assurance of cyber.

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