The U.S. Securities and Exchange Commission (SEC) has introduced new Cybersecurity Disclosure Rules to address the ever-evolving threat landscape and broadened attack vectors that come with mobile and IoT devices, cloud computing, and remote work. These rules align with its primary goals: transparency and protecting investors. The SEC Cybersecurity Disclosure Rules focus on cybersecurity risk management, strategy, governance, and incident disclosure. It took effect on Dec 15, 2023; however, smaller reporting companies must comply by June 15, 2024. C-level IT executives must be aware of these new requirements and take action to align their compliance strategies with these new rules.
Critical Components of SEC's Cybersecurity Disclosure Rule
While the new SEC Cybersecurity Disclosure Rules target U.S.-based publicly traded companies, it also affects companies that handle data for, or supply data to, publicly traded companies and foreign companies that operate within the U.S. …