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SEC May Bolster Cyber-Threat Disclosure Guidance

Joe Mont | July 2, 2013

As the number and severity of cyber-attacks—perpetrated by external hackers and snooping insiders alike—reach epidemic levels, the Securities and Exchange Commission is considering new disclosure demands for companies that suffer such a misfortune.

The SEC last issued staff guidance in October 2011, asking listed companies to provide detailed disclosures of their cyber-exposures. Mary Jo White, recently appointed chairman of the SEC, has since asked her staff to provide her with “a briefing of the current disclosure practices” and overall compliance trends, along with “any recommendations they have regarding further action in this area.”  

White's response followed an April 9 letter that Sen. John Rockefeller (D-W.Va.), chairman of the Senate Committee on Commerce, Science, and Transportation, sent urging White to orchestrate a push for more in-depth,...

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