SEC Commissioner Offers Cybersecurity To-Do List

SEC Commissioner Elad L. Roisman described potential SEC rulemakings on cybersecurity, and offered additional measures to prevent cyberattacks that issuers might consider, even in the absence of regulatory action.

In a speech before the Los Angeles County Bar Association, Mr. Roisman underscored the importance of issuers taking cybersecurity measures in light of the frequency of cyberattacks and the potential injury to an issuer's clients and shareholders. He recommended that issuer preparation should include (i) implementing cyber threat monitoring procedures, (ii) addressing potential breaches and (iii) knowing what cyber breach information must be reported to government agencies. He noted that cybersecurity regulation in the United States falls under the jurisdiction of a number of federal agencies, making it possible for SEC registrants to have cybersecurity obligations, including reporting requirements, to multiple agencies. Mr. Roisman also observed