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Boeing and its former CEO have been fined a total of $201 Million in civil monetary penalties, for making materially misleading statements. Finding they failed to exercise reasonable care in making statements to the public following two fatal accidents. Failed to exercise reasonable care to ensure those statements provided all facts necessary to make those statements to investors not misleading under the circumstances, Boeing and its former CEO violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933
Ensuring reporting is factual and not misleading is an important consideration when reporting incidents to financial markets. Consideration has to be made when disclosing information to ensure that it is correct, and represents the full circumstances around which the statements are made. As applies to cyber risk and cyber incident reporting, statements over an organisations cyber risks, risk management processes, risk mitigation, incident response and incident management related to its products or services, have to be carefully considered.
Cyber regulation requires covered organisations report material cyber risk and material cyber incidents, and their effects on materiality in the eyes of a reasonable investor. Reporting has to be carefully considered and reasonable care exercised, to ensure statements provide all the facts necessary so that statements to investors are not misleading.
A complex undertaking when one considers the cyber control environment alone.
Ted Dziekanowski
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation
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