“Federal regulators mandated that, starting Dec. 18, companies listed on stock market exchanges must determine whether a cyber incident is "material," and if so, disclose it within four business days. Small businesses have until June 15 to comply with the rule (see: SEC Votes to Require Material Incident Disclosure in 4 Days). The Department of Justice ultimately will make the decision whether to postpone public notification. The rule gives companies a pause of up to 60 business days for most risks but "in extraordinary circumstances," up to 120 business days for a substantial national security risk. Any delay longer than that would require an order from the SEC. The final rule defines a material incident as one in which "there is a substantial likelihood that a reasonable shareholder would consider it important" in making an investment decision. An incident that significantly alter the "total mix" of public information also counts. In case of doubt, federal regulators said, companies should choose to disclose an incident. The FBI said a request for an extension must be made immediately after determining an incident's materiality. "Failure to report the cyber incident immediately upon determination of materiality will cause a delay-referral request to be denied," the bureau's website says. The FBI recommends that "all publicly traded companies establish a relationship with the cyber squad at their local FBI field office." “ #cybersecurity #grc #sec https://lnkd.in/gnutaYDs
J. R. Rossman
9mo
Dennis D. this article reminds me of this one https://www.bleepingcomputer.com/news/security/ransomware-gang-files-sec-complaint-over-victims-undisclosed-breach/
I wish there was a federal disclosure law that required disclosure from ALL businesses if personal data was compromised. We passed this law in California almost 20 years ago. #sb1382
J. R. Rossman
9mo
Curious to read further, will return to comment.
IT Manager / CyberSecurity / Software Dev / IT Engineering Manager: Science, Engineering and Manufacturing
9moI suspect that people will be overwhelmed by reading this, Dennis D., far too much to notice the words, "listed on the stock market", at the beginning. Which would actually rule out a vast majority of businesses and start up companies. I might suggest that we are all feeling what it must have been like to work around organized crime, it seems to infiltrate everything. A constant source of never being able to get ahead. Under these conditions, there is no initiative or reward for 'getting ahead', Fire-fighting in this manner is an 'after-the-fact', measure, and it makes me wonder what people are thinking, in society :}