Essert Inc | SEC Cybersecurity Rules - Framework and Compliance

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Cybersecurity Rules

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The NEW SEC Cybersecurity Rules

The SEC established new rigorous cybersecurity regulations to protect investors and market integrity, against escalating cyber threats.

Material incident disclosure
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.
Cyber risk management
The new rules give investors access to better information specifically related to cyber risk management framework. Companies must evaluate risk management program as part of 10-K disclosure.
Cyber governance and strategy
This is about effective integration of people, process, and technology towards improved security. Companies are required to implement a robust governance process make a 10-K disclosure.

What Are The Risks of Non-Compliance?

Penalties

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.

Lawsuits

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.

Trust Loss

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.