VLP Partner Melissa Krasnow Quoted in Bloomberg Law Article “Pending Cyber-Risk Reporting Rules Signal Stricter Enforcement”
VLP Partner Melissa Krasnow was quoted in the Bloomberg Law article titled “Pending Cyber-Risk Reporting Rules Signal Stricter Enforcement.”
The article discusses new Securities and Exchange Commission rules planned for how public companies report on cybersecurity. The SEC proposal signals regulatory pressure on risk oversight following a spate of high-profile, high-cost hacks.
The SEC’s rulemaking agenda doesn’t offer details on what new cyber-risk reporting rules might look like. If the SEC moves forward with a cyber-governance proposal, it’s aiming for an October issuance, according to its regulatory agenda.
Cyber-disclosure rulemaking could foreshadow stricter enforcement by the SEC.
According to Ms. Krasnow: “Enforcement activity is case by case….[t]o make it a rule makes it much more explicit.”
The SEC’s 2018 guidance, which updated an earlier 2011 document, told companies to disclose cyber risks and incidents that are considered relevant to their financial condition and to investors’ decision-making and to explain the board’s role in overseeing cyber risks.
Click here to read the entire article.Share