United States:
SEC Cybersecurity Guidance Slow In Spurring Disclosure
22 March 2018
Withers LLP
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In response to security breaches at companies including Equifax,
Target and Yahoo over the past few years, the SEC issued
interpretive guidance on issuers' cybersecurity disclosures in
February 2018. The SEC's guidance sets the expectation that
boards should actively engage in cybersecurity issues, stating that
companies are expected "to disclose cybersecurity risks and
incidents that are material to investors." The SEC has not,
however, instituted any direct measure to compel companies to
reveal the nature and the scope of such cybersecurity breach if one
takes place. A major difficulty in cybersecurity disclosures lies
in setting the standard for when information must be disclosed. For
more information, see https://www.sec.gov/rules/interp/2018/33-10459.pdf.
The content of this article is intended to provide a general
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