SEC Focus On Cybersecurity Begins To Take Shape

The U.S. Securities and Exchange Commission is implementing a campaign to overhaul the agency's expectations around cybersecurity and cyber incident reporting for the financial services industry and corporate America generally. For example, in a recent speech, Chairman Gensler reiterated his focus on cybersecurity and underscored the SEC's work to "improve the overall cybersecurity posture and resiliency of the financial sector." These remarks echoed sentiments he has previously conveyed (including in Congressional testimony) regarding cybersecurity risk governance. 

Based on Gensler's remarks and other inputs, the SEC's enhanced cybersecurity focus will take shape in the following three key areas: