Public Statement on Cybersecurity Interpretive Guidance by SEC Chairman
February 26, 2018
The U.S. Securities and Exchange Commission recently released revised cybersecurity guidance for publicly traded companies.
The guidance, approved unanimously by the commission on Tuesday, is meant “to assist public companies in preparing disclosures about cybersecurity risks and incidents,” the SEC says.
“I believe that providing the commission’s views on these matters will promote clearer and more robust disclosure by companies about cybersecurity risks and incidents, resulting in more complete information being available to investors,” SEC Chairman Jay Clayton says in a statement. “In particular, I urge public companies to examine their controls and procedures, with not only their securities law disclosure obligations in mind but also reputational considerations around sales of securities by executives.”
The message is clear for corporate executives – it’s time that they take responsibility for cybersecurity.