The US Securities and Exchange Commission (SEC) has implemented new rules to ensure public companies disclose any material cybersecurity incidents they experience, along with information on their cybersecurity risk management strategy and governance. This includes requiring foreign private issuers (overseas companies that do business in the US) to make comparable disclosures. Under the new rules, registrants must disclose any cybersecurity incident they determine to be material and describe its nature, scope, timing and impact on the registrant. The disclosure must be made on the new Item 1.05 of Form 8-K and generally be due four business days after the incident is deemed material. SEC Chair Gary Gensler believes that ensuring companies disclose material cybersecurity information consistently and in a comparable manner, it will benefit investors, companies and the markets connecting them.
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