Cybersecurity Securities & Exchange Commission Disclosure Requirements

Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and... more +
Cybersecurity is a term used to describe methods and systems for protecting sensitive information in the electronic sphere. As more financial, business, and personal information becomes exclusively maintained and stored electronically, the risks of attacks, leaks, and disclosures become more pronouced. The concept of Cybersecurity encompasses a broad array of issues, including governmental regulations to ward off cyber terrorists, industry data collection and maintenance practices, and consumer advocacy to ensure the privacy of individuals' personal and medical information.     less -
News & Analysis as of

SEC Investigations Spur Debate over "Materiality" of Cyberattacks

Following a record year for data breach incidents — with eight breaches exposing over 10 million identities — the U.S. Securities and Exchange Commission (SEC) is closely scrutinizing how those breaches were handled. Multiple...more

SEC: The New Cyber-Cop

It seems scarcely a week goes by without a headline blaring news of a major cybersecurity breach. And with ongoing revelations about the data-tracking activities of the National Security Agency, the public isn’t growing less...more

SEC Requires Greater Disclosure of Cyber Events

Cyber is still a relatively young risk and the various stakeholders in cyber-risk are at times, still trying to determine their particular role. This includes the officers and/or directors of companies for establishing...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

Trendy “Cybersecurity” Versus Traditional “Information Security” Two Sides of the Same Security Coin

Cybersecurity has become a dominant topic of the day. The Snowden revelations, the mega-data breaches of 2013, the pervasiveness of invisible online “tracking” and the proliferation of “ data broker” trading in personal data...more

In Case You Missed It - Interesting Items for Corporate Counsel

The Director of the SEC’s Division of Corporation Finance, Keith Higgins, recently gave the keynote address, here, at the 2014 Angel Capital Association Summit. He focused on the following three items on the SEC rulemaking...more

Beyond Real Estate: Publicly Traded Homebuilders (And Other Public Companies) Must be Aware of Cybersecurity and Data Breach...

Generally speaking, publicly traded homebuilders and other public companies must disclose material information in their SEC filings. “Information is considered material if there is a substantial likelihood that a reasonable...more

Cybersecurity and the duty of care: a top 10 checklist for board members

Visibility on information security, including cybersecurity as well as physical security aspects, is increasingly permeating corporate life. The relatively new SEC requirements for public disclosure of cybersecurity...more

Cyber Risk Is The “New Normal”

Introduction - Make no mistake, all companies—big or small—are vulnerable to a privacy breach or a network security incident. Cyber liability is the “new normal.” Cyber liability can be attributable to human error,...more

On the Fifth Day of Privacy, the SEC Gave to Me…..

Sing it with me now….. FIVE GOLDEN RULES! As public companies prepare for the New Year and the start of yet another annual reporting season, it is the perfect time to reflect on our 2013 prediction that the SEC would...more

"Cybersecurity Update: Key US and EU Regulatory Developments"

In recent months, federal and state governments have taken an increasingly active role in reviewing cybersecurity issues within the private sector. There has been a flurry of activity as different government bodies discuss...more

Do Directors Face Potential Liability For Not Preventing Cyber Attacks?

In the past weeks, we’ve reported that while most companies are properly disclosing their exposure to cybersecurity threats, the increasing occurrence and severity of cyber attacks has the SEC considering even more stringent...more

Recent Study Finds Cybersecurity Disclosures May Fail To Meet SEC Guidelines

Hackers aren’t the only ones after company information. Earlier this week, Wills Fortune 500, a unit of Wills Group Holdings, a global insurance broker providing insurance and risk management services, made available its own...more

SEC Considering More Stringent Requirements For Cybersecurity Disclosures In The Wake Of Stock Manipulating Hacking Case

Following up on clues earlier this year that the SEC may increase its scrutiny of cybersecurity disclosures, SEC Chairman Mary Jo White has asked the Commission to evaluate current guidance for cybersecurity disclosures and...more

Cybersecurity Disclosure: A Panel Discussion with the SEC’s Division of Corporation Finance

Last week in Washington, D.C., this author had the opportunity to sit in on a panel discussion by the SEC’s Division of Corporation Finance (“CorpFin”) discussing, among other things, recent developments in cybersecurity...more

To the Nation’s Largest Banks: Thanks for Reading

It seems that some of the nation’s largest public company banks must be avid readers of this blog and have taken to heart our 2013 prediction that the SEC would require greater disclosure related to data security risks and...more

Cybersecurity Disclosure: The Risks Of Silence

With the rise in targeted, sophisticated, malicious attacks on corporate America’s electronic infrastructure, companies are increasingly focused on their cybersecurity disclosure obligations. There is a growing concern that...more

SEC v. Hackers: More Cybersecurity Enforcement On The Horizon?

Cybersecurity may be the SEC’s newest area for enforcement actions. While the SEC first released Disclosure Guidance concerning cybersecurity in 2011, the recent media attention surrounding significant cybersecurity breaches...more

Cybersecurity: The Next Big Wave in Securities Litigation?

News broke this week about significant cybersecurity breaches at many U.S. corporations that raises the possibility of a new wave of SEC enforcement actions, class actions, and derivative lawsuits. A front page New York Times...more

First of a series: Issues for 2013

Happy New Year! We are beginning this week with a series of top Privacy and Security issues for 2013, as we see them. Let’s start with an issue of interest to publicly traded companies, or companies considering going...more

Public Companies Must Disclose Cyber-Liability Risks - Perspectives on Insurance Recovery Newsletter - Summer 2012

If you thought you did not need cyber insurance before, Uncle Sam may cause you to think otherwise. On October 13, 2011, the Securities and Exchange Commission (SEC) Division of Corporation Finance issued guidance on...more

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