The SEC wants better corporate disclosures about hacks

The U.S. Securities and Exchange Commission (SEC) has proposed new cybersecurity risk management rules for corporations that would require them to be more transparent with customer disclosures.
The new rules would be implemented as amendments to various forms regarding cybersecurity disclosures and would specifically target investment advisers, investment funds, and business development companies.
No more hiding cybersecurity hacks
Introducing stricter regulation regarding cybersecurity disclosures isn’t a new effort from the SEC. In 2018, former SEC Commissioner Robert J. Jackson Jr. said that current disclosure requirements “erred on the side of nondisclosure” and often left investors in the dark when companies experienced hacks or other cybersecurity attacks.
Currently, company management is only required to keep boards informed about cybersecurity issues, with no obligation to share them with investors or other customers. However, a joint 2021 report showed that in 2020, only

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