The SEC launched a clear first cyber shot across the bows of corporate America this week in a 3:1 vote by SEC commissioners, proposing to implement

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The SEC launched a clear first cyber shot across the bows of corporate America this week in a 3:1 vote by SEC commissioners, proposing to implement cyber regulation for investment funds and advisers. The Chair of the SEC has described the continued rise in cybersecurity incidents targeting the financial sector as a serious threat to the nations economy and critical infrastructure, with costs potentially in the trillions of dollars.

This is likely the first step in an overhaul of the commissions cyber efforts that could end up with significantly stricter requirements.‚  As previewed by the SEC Chair in January 2022 and demonstrated by the SEC 2021 regulatory calendar that includes cyber-risk governance legislation. That looks to now be enacted in 2022.

I expect more to follow from this weeks proposal, in line with
other Federal agencies cyber strategies, such as the DoDs CMMC 2.0 program, NDAA 2022 and 2021 infrastructure bill.

Ted Dziekanowski Brian McCarthy Jason Spezzano

#theaugustaplan‚ #cybersecurity‚ #cyberriskmanagement‚ #regulatorycompliance‚ #regulatoryoversight‚ #cybercompliance‚ #cyberregulation‚ #cybergovernance‚ #cyberriskgovernance‚ #ransomeware‚ #governance‚ #nist‚ #cyberinsurance‚ #insurance‚ #defence‚ #defense #sec

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