SEC’s New Rules to Transform Corporate Boards’ Cybersecurity Approach>
ExcalTech
SEC plans to introduce new regulations to improve the markets and finalize several proposals previously announced as part of its regulatory agenda update. SEC voted to introduce new regulations to mitigate cybersecurity risks for registered investment advisers and investment companies on February 9, 2022. The SEC is expected to finalize the proposed Cybersecurity Rule 206(4)-9 for investment advisers and private funds in April 2023. The proposed regulation aims to elevate the standard of cybersecurity across industries and ensure that companies are better prepared to respond to any cybersecurity threats. If the SEC adopts the proposed rules, companies will be required to: Report any high-impact cybersecurity incidents to the SEC within four days and any previously classified “low-impact” incidents that, combined with others, become “high-impact”. Include updates on previous cybersecurity events in regular SEC filings and explain the organization’s cybersecurity risk management system and the Board’s role in overseeing and implementing it.
Link: https://www.excaltech.com/sec-new-rules/