The Securities and Exchange Commission has adopted rules to require public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. sec kprc2 click2hou
FILE - The seal of the U.S. Securities and Exchange Commission at SEC headquarters, June 19, 2015, in Washington. The SEC adopted rules Wednesday, July 26, 2023, to require public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. Delays will be permitted if immediate disclosure poses serious national security or public safety risks.
“Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors,” SEC Chair Gary Gensler said in a statement, noting the current inconsistency in disclosures. Technically, the clock doesn't start ticking on the four-day window for reporting until companies have determined a breach is material.the new requirements overstep the SEC's authority and “seem designed to better meet the needs of would-be hackers” - who could benefit from detailed info on how companies manage cyberrisk.
The rules were first proposed in March 2022, when the SEC determined that breaches of corporate networks posed an escalating risk as their digitization of operations and remote work increased — and the cost to investors from cybersecurity incidents rose.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC charges Quantstamp over $28 million ICOA blockchain security company will have to pay about $3.4 million to settle Securities and Exchange Commission charges for conducting an unregistered initial coin offering.
Read more »
New SEC rule requires public companies to disclose cybersecurity breaches in 4 daysThe new rules, passed by a 3-2 vote, also require publicly traded companies to annually disclose information on their cybersecurity risk management and executive expertise in the field. The idea is to protect investors.
Read more »
Ken Griffin's Citadel Securities logs 35% plunge in first-half revenueKen Griffin's Citadel Securities logs 35% plunge in first-half revenue as low market volatility reduces trading opportunities
Read more »
SEC Will Review Six Bitcoin ETFs Including Offerings of BlackRock, FidelityThe U.S. Securities and Exchange Commission has accepted six spot bitcoin exchange-traded funds (ETF) applications for review. The agency has taken an aggressive stance against cryptocurrencies under President Joe Biden.
Read more »
Mbappe, Giannis share comical exchange after Al Hilal's reported $332 million bid for PSG starSaudi Arabian side Al Hilal reportedly bid $332 million for Kylian Mbappe, but NBA star Giannis Antetokounmpo hilariously made his case.
Read more »