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It is a pleasure to be able to talk about the Securities and Exchange Commission (SEC) final cyber rule with Rachel V. Rose, JD, MBA on the 18th December, accredited by the U.S Federal Bar Association and myLawCLE.
Many will be aware that the final cyber rule was effective on the 5th September and will be enforceable for covered SEC registrants from December 2023. The rule requires registrants to report their material cyber risks through Form 10-K and material cyber incidents through their Form 8-K filings. That in ones opinion changes the lens through which investors and regulators will view the cybersecurity risk management of covered firms from December this year. As the SEC continues to try cyber risk management compliance, if the recent SEC charges against SolarWinds are a precursor of things to come.
Cyber is no longer a CISO problem, as it has been treated for many years. It’s a legal and compliance issue for boards, sub committees and accountable executives. Cyber regulation increases legal, insurance and compliance risk, and civil and criminal convictions loom. The SEC rule comes at a time when the European Union is also implementing cyber regulation across Critical National Infrastructure and Financial Markets. Cyber regulation that has the potential to effect international trade.
Given the well documented view that the maturity of cybersecuirty for most companies is low, and rise in the frequency, complexity and severity of cyber attacks. Boards of covered firms face compliance challenges into 2024.
Ted Dziekanowski Brian D. McCarthy Bob Dix
#cybersecurity #cyberriskmanagement #cyberregulation
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