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SEC Charges SolarWinds and Its CISO With Fraud and Cybersecurity Failures The Securities and Exchange Commission (SEC) has filed charges against SolarWinds and its Chief Information Security Officer (CISO), Timothy G. Brown, alleging that the company misled investors about its cybersecurity practices and known risks. The charges stem from alleged fraud and internal control failures…
The Delicate Balance: Reporting Cybersecurity Incidents Under New SEC Rules The Challenge for CISOs The new rules set by the Securities and Exchange Commission (SEC) require enterprises to report material cybersecurity incidents within four days. This puts Chief Information Security Officers (CISOs) in a difficult position, as they must determine what information to include and…
Data Breaches SEC Investigating Progress Software Over MOVEit Hack The US Securities and Exchange Commission (SEC) has initiated an investigation into Progress Software’s MOVEit transfer tool vulnerability, which led to a data breach affecting more than 2,000 organizations and 60 million individuals. The vulnerability, tracked as CVE-2023-34362, was exploited by the Cl0p ransomware group to…
The Proposed Rule for Public Companies: A Burden on CISOs and the Challenges of Materiality The Tight Disclosure Window and Practicality The Securities and Exchange Commission (SEC)’s proposed rule on cybersecurity disclosure, governance, and risk management for public companies, known as the Proposed Rule for Public Companies (PRPC), has faced significant pushback since its proposal…
Navigating the Murky Waters of Cybersecurity Disclosure Rules The Aims of the New Cybersecurity Disclosure Rules One of the primary aims of the new cybersecurity disclosure rules approved by the Securities Exchange Commission (SEC) last month is to provide investors with better information about the cybersecurity risks associated with public companies. Another objective is to…
SEC Demands Four-Day Disclosure Limit for Cybersecurity Breaches The New Rules by the SEC The US Securities and Exchange Commission (SEC) recently announced new rules regarding cybersecurity breach disclosures. These rules apply to companies and individuals who offer shares to the public and are under the regulatory purview of the SEC. The purpose of these…
Government Industry Reactions to New SEC Cyber Incident Disclosure Rules: Feedback Friday The US Securities and Exchange Commission (SEC) has recently adopted new cybersecurity incident disclosure rules for public companies, sparking a mixed response from industry professionals. While some have applauded the SEC‘s initiative as a step in the right direction, others express concerns about…
Protecting Your Devices: The Essential Role of Antivirus Software The Rising Importance of Cybersecurity in Today’s Digital Landscape In our increasingly interconnected world, where technology permeates nearly every aspect of our lives, the need for robust cybersecurity measures has never been more critical. From individuals to large corporations, the threat of cyberattacks looms large, making…
The SEC‘s Evolving Stance on Cybersecurity Expertise The Proposal and Backtracking The US Security and Exchange Commission (SEC) has recently examined the issue of cybersecurity expertise within companies. In March 2022, the SEC proposed a requirement for companies to publicly declare one cybersecurity expert on their board of directors and one within management. However, the…
The SEC Adopts Rule to Improve Cybersecurity Incident Disclosure New Rule for Cybersecurity Incident Disclosure On July 26, the Securities and Exchange Commission (SEC) adopted a rule requiring companies to disclose material cybersecurity incidents and information about their cybersecurity risk management, strategy, and governance. The rule aims to provide investors with more consistent and comparable…