SEC proposes cybersecurity reporting rules for public companies

11/03/2022 | Privacy & Infosec Law Blog

The US Securities and Exchange Commission has proposed a new rule that would require publicly traded companies to report cyberattacks within four days (96 hours). Reporting would require companies to disclose whether any data was stolen, the steps taken to address the attack and how business operations were affected. Companies would also have to update investors about the material effects of cyberattacks periodically. Public companies are already required to report if they have been victims of a ransomware attack or if customer data was stolen and if the information is pertinent to investors.

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