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Cybersecurity In-Depth

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2 MIN READ

Quick Hits



SEC ADOPTS NEW RULE ON CYBERSECURITY INCIDENT DISCLOSURE REQUIREMENTS

Boards must now file notice of a "material incident" within four business days,
though questions remain.
Evan Schuman
Contributing Writer, Dark Reading
July 26, 2023
Source: alon harel via Alamy Stock Photo
PDF


The Securities and Exchange Commission (SEC) has adopted a rule "requiring
registrants to disclose material cybersecurity incidents they experience and to
disclose on an annual basis material information regarding their cybersecurity
risk management, strategy, and governance," according to an SEC statement
released today.



"Whether a company loses a factory in a fire — or millions of files in a
cybersecurity incident — it may be material to investors," said SEC chair Gary
Gensler. "Currently, many public companies provide cybersecurity disclosure to
investors. I think companies and investors alike, however, would benefit if this
disclosure were made in a more consistent, comparable, and decision-useful way.
Through helping to ensure that companies disclose material cybersecurity
information, today's rules will benefit investors, companies, and the markets
connecting them."

The rule itself noted that "under-disclosure regarding cybersecurity persists
despite the Commission's prior guidance; investors need more timely and
consistent cybersecurity disclosure to make informed investment decisions; and
recent legislative and regulatory developments elsewhere in the Federal
government, including those developments subsequent to the issuance of the
Proposing Release such as CIRCIA and the Quantum Computing Cybersecurity
Preparedness Act, while serving related purposes, will not effectuate the level
of public cybersecurity disclosure needed by investors in public companies."



The new rule requires a Form 8-K to be filed within "four business days of
determining an incident was material." However, the SEC, similar to the General
Data Protection Regulation and US state data breach disclosure rules, does not
clarify what constitutes an enterprise making that determination about an
incident being material, and thus when the clock starts.



As to what makes an incident material, the SEC is defining it slightly
differently than it has on other matters. Traditionally, material meant anything
that is significant enough to likely move the stock price — so a $10,000 loss
might be material for a smaller company but not for a much larger one.

In the July 26 cybersecurity rule, the SEC took a slightly more aggressive
stance. "Information is material if there is a substantial likelihood that a
reasonable shareholder would consider it important in making an investment
decision, or if it would have significantly altered the 'total mix' of
information made available. Doubts as to the critical nature of the relevant
information should be resolved in favor of those the statute is designed to
protect, namely investors."

The SEC also excluded some specific details.



"This requirement would not extend to specific, technical information about the
registrant's planned response to the incident or its cybersecurity systems,
related networks and devices, or potential system vulnerabilities in such detail
as would impede the registrant's response or remediation of the incident."

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