The SEC is Focused on Public Company Disclosure of Cybersecurity Risks

While new data privacy rules in the European Union have dominated the news lately, the U.S Securities and Exchange Commission (SEC) has not so quietly been making waves of its own in the regulation of cybersecurity. In February ,the SEC issued fresh guidance to public companies on the disclosure of cybersecurity issues, both in identifying risks prospectively and in disclosing breaches quickly. It then followed up that guidance in April with its first ever fine of a public company for failing to promptly disclose a…
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SEC, FINRA and the U.S. Senate Prepare for Cyberattacks in 2015

Two major government agencies have issued reports addressing security of brokerage and advisory firms, and two U.S. Senators have declared their intention to expand cyber-security laws into automobiles.  In February, the SEC released two major publications (here and here) regarding risks for brokerage and advisory firms, as well as adjusters.  The Financial Industry Regulation Authority (FINRA), a private corporation managed by financial industry insiders and billed as the self-appointed “regulator” for NYSE and NASDAQ, has issued a report to assist broker-dealer firms with…
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