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ARTICLE · 27 MAY 2024

SEC Clarifies Cybersecurity Incident Disclosure Requirements For Public Companies

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On May 21, 2024, Erik Gerding, Director of the Division of Corporation Finance at the Securities and Exchange Commission (SEC), provided important clarifications regarding the disclosure...

United StatesTechnology
Jennifer R. Minter
Jennifer R. Minter
Michael G. McLaughlin
Michael G. McLaughlin
Brian S. North
Brian S. North
Brian S. Novosel
Brian S. Novosel
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On May 21, 2024, Erik Gerding, Director of the Division of Corporation Finance at the Securities and Exchange Commission (SEC), provided important clarifications regarding the disclosure of cybersecurity incidents by public companies. This statement highlights the requirements and best practices for disclosing cybersecurity incidents under the new rules adopted on July 26, 2023.

The SEC's clarification aims to enhance transparency and clarity for investors by ensuring that disclosures of material cybersecurity incidents are accurate and meaningful, rather than adding unnecessary distraction to the information space. This approach is intended to allow investors to more easily distinguish between material and immaterial incidents, aiding in better investment and voting decisions.

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