SEC Changes Disclosure Rules on Reporting Cyber Attacks

October 14, 2011 -

The U.S. Securities and Exchange Commission (SEC) released new guidelines on Thursday that require publicly traded companies to disclose when they are the victim of a security breach or cyber attack. The new guidelines are the result of members of congress pressuring the watchdog agency to add them following several major cyber attacks earlier this year. Senator John Rockefeller is one of those lawmakers. The SEC said Thursday that if a cyber attack occurs and leads to losses, then companies should disclose the losses, or attempt to estimate what is reasonably possible in terms of a financial impact.

“Intellectual property worth billions of dollars has been stolen by cyber criminals, and investors have been kept completely in the dark. This guidance changes everything,” Rockefeller said in a statement to Reuters.

The SEC said that, while it won't require companies to describe how they will protect themselves in the aftermath of a cyber attack, they do have to disclose the cost of fixing compromised networks, increased security costs, related lost revenues, losses related to losing customers, litigation costs, and possible costs related to a hit in their reputation.

This year several major corporations have been hit with cyber attacks including Sony, Google, Lockheed Martin, Citigroup, the International Monetary Fund and others.

You can read the new guidelines here.

Source: VentureBeat


 
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Wonderkarpthough not strictly games. I have Lightsabers mounted on the wall, and on a shelf you'll see the Infinity Gauntlet, the Ocarina of Time, a Sith Holocron, and some of my Ghostbusters Props11/22/2014 - 8:57pm
Wonderkarpswag of all kinds, Andrew. I'm trying to build a game room as impressive as AVGNs nerd room. I'm also trying to build a coffee table/storage space shaped like a NES Controller11/22/2014 - 8:55pm
E. Zachary KnightI need new controllers for my Gamecube. Its not everyday you can get brand new 1st party controllers.11/22/2014 - 8:51pm
Andrew EisenPredominately figurines or swag of all kinds?11/22/2014 - 8:37pm
WonderkarpI would like a new gamecube controller....but I also just like gaming swag....11/22/2014 - 8:32pm
Andrew EisenI'm just waiting to buy a new Gamecube controller for my Gamecube.11/22/2014 - 7:15pm
Wonderkarphttp://kotaku.com/smash-bros-gamecube-adapters-sold-out-online-prices-g-1662162871 Smash Bros Gamecube adapter sold out, online prices go nuts11/22/2014 - 6:50pm
Andrew EisenI bet there's a lovely comedy of errors surrounding that list's journey to the IGDA's page!11/22/2014 - 6:49pm
Andrew EisenAnd the fact that it was curated by some random person on Twitter should have been another.11/22/2014 - 6:48pm
Andrew EisenYep, it's pretty clear that whoever at the IGDA grabbed that list, didn't look at it first. I think the fact that there's over 10,000 names on it should have been a bit of a red flag.11/22/2014 - 6:44pm
Wonderkarppenguin books is on the list. wow.11/22/2014 - 6:43pm
Wonderkarpthats better, though I'd prefer something a little more than a simple tweet, I'll take it.11/22/2014 - 6:37pm
Andrew EisenKate Edwards' Twitter: "like people, tools are imperfect; we've removed it for now."11/22/2014 - 6:35pm
Andrew EisenHard to say with any certainty but it appears it at least understands the tool didn't do what it thought it did.11/22/2014 - 6:34pm
WonderkarpI've yet to find the IGDA responding too the situation other than deleting a link.11/22/2014 - 6:34pm
Matthew WilsonI hope the IGDA understands why its a mistake, that's all I want.11/22/2014 - 6:33pm
Andrew EisenHeh, lawyering up would be grossly overracting! And really silly. Well, if what the IGDA did say was not enough for you, try contacting them and letting them know how you feel.11/22/2014 - 6:31pm
Wonderkarpall I want is an apology from the IGDA. nothing fancy, not even addressed to me. Just something that says, "We messed up. We're Sorry" thats it. Not exactly those words except Sorry. If I was overreacting, I'd be lawyering up.11/22/2014 - 6:29pm
Andrew EisenI get it, I just think you're taking it the wrong way and overreacting.11/22/2014 - 6:27pm
Wonderkarpatleast Matthew understands why I am miffed at that list11/22/2014 - 6:26pm
 

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