On July 26, 2023, the Securities and Exchange Commission (“SEC”) adopted its long-anticipated cybersecurity reporting rule (the “Final Rule”). The Final Rule applies to public companies subject to the reporting requirements of the Securities Exchange Act of 1934 and, in some cases, to foreign private issuers. As quoted in the SEC’s press release, SEC Commissioner Gary Gensler noted that many public companies already make cybersecurity disclosures to investors, and the Final Rule provides uniformity and structure for these future disclosures. The Final Rule also imposes a tight timeline for cybersecurity incident reporting and may include disclosure of an ongoing cybersecurity incident, as well as requiring periodic disclosures concerning organizational cybersecurity risk management processes and governance.
Recent Updates
- Powerful Tool, but Not an Attorney: Massachusetts Court Rejects Work Product Protection for AI-Generated Documents
- SCOTUS: Venue in White-Collar Case Tied to Proscribed Conduct, Not Intended Effects
- Washington Arbitration Agreements Are Failing Employers in Wage and Hour Cases
- New York’s AVOID Act: Strict Deadlines for Third-Party Practice
- Watch: DOJ’s New Self-Disclosure Rules: Decide Fast or Lose the Credit – Speaking of Litigation