The rules mandate disclosure of material incidents. Disclosures must be done within 96 hours. Companies need a framework to assess materiality and must find ways to automate this process.
The NEW SEC Cybersecurity Rules
The SEC established new rigorous cybersecurity regulations to protect investors and market integrity, against escalating cyber threats.
What Are The Risks of Non-Compliance?
The penalties imposed by the SEC can vary widely. These could include monetary penalties, suspension or revocation of registration, restitution to investors, director and officer bans to serve, or criminal referrals, among a few.
Failure to comply including delayed disclosures could result in several lawsuits. Lawsuits average nearly $28 Million. These could include investor class-action, derivative suits against officers & directors, whistleblower complaints, or other private litigation.
The erosion of trust by investors and public can have large repercussions. Investors could seek safety resulting in loss of company value. Damage to reputation could result in loss of customers, or strain employee morale.
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Cybersecurity Compliance Framework
A cybersecurity compliance framework that provides a structured approach for public companies to maintain security against known standards.
Material Incident Disclosure Automation
Automation streamlines the process of assessing, reporting and communicating material cyber incidents. This delivers efficiency and a process trail.
Continuous Cybersecurity Risk Assurance
This is part of risk management framework and involves modeling, ongoing monitoring and assessment to ensure that risk profiles are maintained against evolving threats.
Continuous Security Controls Assurance
As a part of controls modeling for your business, assurance ensures that security measures are monitored and modified to ensure cyber resilience.
Modeling, Process Trail, and Support
Modeling assures mapping to your business processes. A process trail documents the workflow for material assessments, and automation.
Ongoing Monitoring and Reporting
SEC compliance process requires periodic management reviews. The Board is accountable. Regular reviews deliver continuous process improvement.