The SEC Starts Talking About Cybersecurity
By Steve Jacobs
"Securing cyberspace is one of the most important and urgent challenges of our time." With these words in May 2011, Senator Jay Rockefeller, the Chairman of the Senate Commerce, Science and Transportation Committee, and four other Senators, called upon the Chairman of the Securities and Exchange Commission, Mary Schapiro, to develop and publish interpretive guidance clarifying existing disclosure requirements relating to cybersecurity risk. The Senators' letter stated that a substantial number of companies do not report this risk to investors. The Senators referred to a 2009 study by Hiscox, an insurance underwriter, that 38% of Fortune 500 companies made a "significant oversight" by not mentioning privacy or data security exposures in their public filings.
Wednesday, September 28, 2011
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