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ARTICLE · 02 MARCH 2018

Revised SEC Guidance Concerning Disclosure of Cybersecurity Risks and Cyber Incidents

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Disclosures must inform investors about material cybersecurity risks and incidents, including addressing material cybersecurity risks for cyber-attacks that have not yet occurred.

United StatesTechnology
Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP
Jason M. Daniel
Jason M. Daniel
Natasha Kohne
Natasha Kohne
Michelle Reed
Michelle Reed
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Key Points

  • Disclosures must inform investors about material cybersecurity risks and incidents, including addressing material cybersecurity risks for cyber-attacks that have not yet occurred.
  • Comprehensive policies and procedures related to cybersecurity risks and incidents, including systems to help gauge the impact of these issues on their business and a protocol to determine materiality, are now mandatory for public companies.
  • Insider trading policies of public companies should address and actively protect against misuse of material nonpublic information related to cybersecurity risks and incidents. They should also consider adopting prophylactic measures to cease trading during certain sensitive periods related to cybersecurity incidents to avoid the appearance of impropriety.

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