SEC adopts rule requiring cyber incident disclosures within four days
By 
Kyle Brasseur2023-07-26T16:30:00
The Securities and Exchange Commission (SEC) on Wednesday finalized its controversial rule requiring public companies to disclose the nature, scope, timing, and impact of cybersecurity incidents deemed to be material within four business days.
The rule, proposed in March 2022, has received significant attention in the past year for the relatively short timeline it provides businesses to grasp the extent of a cybersecurity incident such as a data breach. Also short will be its compliance date, as large companies as soon as December could be required to begin making the new disclosures.
Smaller reporting companies will receive an additional 180 days to comply.
Related articles
-
News BriefDOJ sets expectations for SEC cyber incident disclosure delays
Companies won’t have an easy path toward earning additional time from the Department of Justice regarding the disclosure of a material cybersecurity incident to the Securities and Exchange Commission as required under a new rule.
-
News BriefBlackbaud settles with states for $49.5M over 2020 data breach
Software company Blackbaud agreed to pay $49.5 million in a multistate settlement addressing charges related to a 2020 cyberattack that exposed the personal data of approximately 13,000 consumers.
-
PremiumCovington mulling appeal of ruling in SEC breached client case
Covington & Burling is leaving open the possibility of appealing a recent federal court order requiring the law firm to provide the names of hacked clients to the Securities and Exchange Commission.
More from Regulatory Policy
-
ArticleTrump takes aim at state AI laws, promises federal action on AI legislation
President Donald Trump has issued an executive order aimed at dismantling the artificial intelligence (AI) laws of California, Colorado and three other states with comprehensive laws.
-
ArticleSFO sharpens framework for judging compliance programs in bribery and fraud cases
The U.K. Serious Fraud Office (SFO) has updated its guidance about how it evaluates corporate compliance programs when considering whether to prosecute or offer leniency to companies that have breached bribery and corruption laws.
-
ArticleFINRA annual regulatory report offers AI guidance, points to significant risks
Financial firms seeking guidance on AI, the threat of cyberattacks, market manipulation, or fraud targeting senior clients can turn to annual guidance issued by the Financial Industry Regulatory Authority.