New SEC Rules Aim to Curb Investor Costs When Companies Are Hacked
Publicly traded companies would need to disclose cybersecurity breaches in 4 days
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The Securities and Exchange Commission (SEC) has adopted new rules requiring public companies to disclose within four days material cybersecurity breaches that could affect investors.
In a statement announcing the decision, SEC Chair Gary Gensler acknowledged that many public companies already disclose cybersecurity events to investors.
“I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable and decision-useful way,” Gensler said. The rules will benefit investors, companies and the markets connecting them, he added.
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Companies must also periodically spell out their efforts to manage, strategize and govern cyber attacks in cyberspace, the SEC said.
First proposed in March 2022, the rule is part of a broader SEC effort to reinforce the financial system against systems failure, data theft and cyber-intrusions.
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