A very important read. The SEC have launched an investigation into the SolarWinds hack, reaching out to 100’s of companies asking them to disclose

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A very important read. The SEC have launched an investigation into the SolarWinds hack, reaching out to 100’s of companies asking them to disclose records of ‘any other’ data breach or ransomware attack dating back to 2019, if they downloaded the impacted SolarWinds product.

In what I expect was a carefully worded request, the SEC wants companies to disclose breaches relevant to the SolarWinds Incident. It provides the SEC with the opportunity to engage covered companies on cyber incidents and will put company boards in a situation. Opening up a suite of issues if companies have not reported cyber incidents appropriately.

I’m my opinion this is an example of how seriously the SEC is taking cybersecurity, incident reporting, and its responsibilities to protect investors and manage fair, orderly and efficient markets. Cyber is a material risk and incidents which could have a material impact should be disclosed to the regulator.

Given the recent observations on the impact of ESG to financial institutions and capital add-ons, how long before cyber gets added into the regulated pot and financial institutions have to assess cyber risk and ?

Jason Spezzano Brian McCarthy Ted Dziekanowski

#theaugustagroup‚ #theaugustaplan‚ #cybersecurity‚ #supplychainriskmanagement‚ #cyberriskmanagement‚ #compliance‚ #cyberinsurance‚ #insurance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esgrisk‚ #cyberregulation‚ #esgreporting‚ #soc2‚ #defenceindustry‚ #esg‚ #defence‚ #dodi500090

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