SEC's Cybersecurity Countdown: Critical Steps for Public Companies
As the December 2023 deadline looms, U.S. public companies and their third parties face a critical juncture in cybersecurity risk management. The SEC's new disclosure rules demand swift adaptation, with implications for cybersecurity practices and risk management infrastructures. The upcoming webinar, "Cyber Risk Reporting to the Board: A Step-by-Step Playbook," offers an in-depth analysis and actionable strategies for compliance.
The Urgent Need for Compliance with SEC Rules
Under the SEC's stringent guidelines, public companies must disclose material cybersecurity incidents within four business days. Additionally, these entities must provide a detailed overview of their cybersecurity risk management programs and their integration within the overall risk management system. The overview must include a description of processes for identifying, assessing, and managing material risks from cybersecurity threats, particularly concerning third-party involvement. Refer to the accompanying figure for a concise summary of these new rules.
SEC Cybersecurity Risk Management Rule Summary - 2023, Wheelhouse Advisors LLC
Emphasizing Board Oversight and Management's Role
The updated SEC rules also emphasize the crucial role of the board of directors and management in addressing cybersecurity risks. Companies must outline the specific responsibilities of positions or committees accountable for reporting to the board, highlighting leadership's importance in cybersecurity risk management.
Our webinar on November 29, 2023, presented by, John A. Wheeler, Founder & CEO of Wheelhouse Advisors, and Padraic O'Reilly, Founder & Chief Innovation Officer at CyberSaint, will delve into these new rules. We will discuss the expanding role of CISOs, the increased scrutiny from Boards, and the need for effective cyber risk reporting in light of the SEC Cyber Rules.
Register Now for Invaluable Insights
This webinar is an opportunity not to be missed for professionals seeking to align their cybersecurity practices with the SEC's stringent guidelines. Register now to gain critical insights into fulfilling the new SEC requirements and ensuring your cybersecurity practices are robust, compliant, and effectively communicated to your board.
Register for the Webinar and Enhance Your Cybersecurity Risk Management Strategy
Final Thoughts
As we approach the SEC deadline, it is paramount for companies to understand and implement these new cybersecurity disclosure rules. The upcoming webinar will not only provide a deep dive into these requirements but also equip attendees with the knowledge and tools to report cyber risks effectively to their boards. Stay ahead in the cybersecurity realm by joining us for this vital discussion.
