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SEC releases update to cyber-security disclosure guidance

Joe Mont | February 23, 2018

When you were a kid, did you ever wait patiently for Christmas, with a specific item on your wishlist? Then, the fateful day arrives and you realize the toy is lame and not quite what you expected it to be?

That was the flashback feeling this week as the Securities and Exchange Commission released long-awaited rules for cyber-security disclosures.

We need to back up a bit though. There were not actual rules. Despite promises from the Trump Administration and Department of Justice that guidance would no longer be a substitution for rulemaking, there was merely a statement and interpretive guidance. Also, despite setting an open meeting to publically discuss options, that meeting was cancelled and Commissioners weighed in, secretly, the day before.

What the Commission did offer was esentially a reboot of previous disclosure requirements.

Chairman Jay Clayton says the guidance “will...

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