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ARTICLE · 04 AUGUST 2023

Six Steps To Help Your Team Comply With The New SEC Public Company Cybersecurity Rules

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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On July 26, 2023, the Securities Exchange Commission ("SEC") approved final Rules entitled Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (the "Rules").

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On July 26, 2023, the Securities Exchange Commission ("SEC") approved final Rules entitled Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (the "Rules"). The Rules require certain cybersecurity incident disclosures on Form 8-K, generally within 4 business days after the determination that a cybersecurity incident is material. The Rules also address periodic disclosure of cybersecurity risk management practices, strategies, and governance. The Rules go into effect in December, 2023, the exact date to be determined as of the day the final Rules are published in the Federal Register.

This article focuses on the steps a company should take to make required disclosures without running afoul of the Securities Exchange Act. Section 240.10b-5 (commonly referred to as "Rule 10b-5") prohibits fraudulent or deceptive acts or omissions in connection with securities. Relevant for our purposes here, Rule 10b-5 states that it is unlawful "[t]o make

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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