Firms Expect Greater Government Cybersecurity Oversight

Ernest E. Badway was featured in the CIO article, "Firms Expect Greater Government Cybersecurity Oversight." Full text can be found in the March 1, 2016, issue, but a synopsis is below.

The U.S. Senate recently proposed a cybersecurity disclosure bill that would require public companies to describe what cybersecurity expertise their boards have, or, if they don't have any, what steps the companies are taking to get some expertise onto their boards.

While the SEC hasn't issued clear guidance on what constitutes reasonable security practices for boards, it has in recent years turned its focus on Wall Street institutions and issued guidance requiring publicly traded companies to report cybersecurity risks alongside other kinds of material risks.