New proposed rules would strengthen the ability of public companies, funds, and advisors to combat cybersecurity threats and implement risk mitigation processes. Read the new report from industry experts that helps you understand what your company needs to know and gets you prepared for next steps.
The National Association of Corporate Directors (NACD), SecurityScorecard, and the Cyber Threat Alliance today released a report, “An Update on the State of the SEC’s Approach to Cyber Risk,” that examines the U.S. Securities and Exchange Commission’s (SEC) recently Proposed Rules and Amendments on cybersecurity reporting requirements for public companies.
Recent actions by the SEC underscore the critical importance of management and boards to protect investors, customers, and the security of American businesses.
SecurityScorecard believes that organizations have a gap in visibility to vulnerabilities, as it pertains to a vendor ecosystem and that developing an integrated and collaborative approach to this visibility is fundamental to business continuity and to staying in compliance with new SEC guidance and regulatory requirements.
The report highlights the SEC’s increased commitment to cybersecurity, holding more companies accountable, not just for egregious cyber-related violations, but also for misleading public statements about cybersecurity risks and events. In February, the SEC proposed new reporting and recordkeeping requirements for Advisors and Funds. The following month, they issued Proposed Rules for Public Companies and called for Board oversight of a company’s cybersecurity risk and the implementation of related policies.
To begin better understanding the SEC’s guidance and rules issued during the past year, access the full report now by clicking here. This joint report provides a clear, actionable summary which will help publicly traded companies meet their new obligations to create increased security across the full landscape.