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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Goth_SkunkI propose that the new TMNT movie was not about making nostalgic adult nerds smile, but introducing the franchise to a new generation of younger fans. And some of those fans may even be kids of the nerds that grew up with the original TMNT.01/28/2015 - 3:55pm
Goth_Skunk...disservice to the franchise. But when I look at it, I see a franchise fanbase that, the last time anything major happened in the franchise, all its fans were kids. Those kids have now all grown up and are adults.01/28/2015 - 3:54pm
Goth_SkunkRemember how Escapists new EIC was talking about nerd culture being "curmudgeonly?" This ties right into that as well. These people I talked with complained about how the new TMNT wasn't being true to its roots and because of that it was doing a great...01/28/2015 - 3:53pm
Goth_SkunkTake TMNT for example: I recently watched the new movie, and I thought it was decent. But a lot of people I've talked with who grew up in the 80's and 90's on the TV show, the video games, and thecollectible toys all unanimously seem to think it's trash.01/28/2015 - 3:52pm
Goth_SkunkRe: Ghostbusters, I don't care if it's a reboot or a sequel, I'm just happy to see another Ghostbusters movie. But it's fascinating to hear people in our age demographic talk nostalgicly about the things we grew up watching or reading.01/28/2015 - 3:51pm
WonderkarpI have a GBA. I dont need to buy virtual console gba games.01/28/2015 - 3:11pm
MonteI wouldn't care about running emulators on the 3DS if nintendo would just release more virtual console games. There are so many titles they could have up but don't. Seriously, its ridiclous that after 3 years they STILL haven't released GBA titles.01/28/2015 - 3:06pm
Wonderkarphttp://www.gamerevolution.com/news/game-boy-color-games-3ds-browser-exploit-30905 Play Gameboy Color Games on the 3ds using a browser exploit01/28/2015 - 2:39pm
prh99http://io9.com/one-of-our-most-popular-special-effects-originally-came-1682151657 Looks like the 1988 anime, Akira and anime in general has effecting popular culture, at least when it comes to special effects.01/28/2015 - 12:26pm
Wonderkarpyeah. some people are salty over it. but that wiki article was filled with vitriol01/28/2015 - 12:06pm
prh99Yeah, I saw people complaining about that, claiming Wales was a hypocrite cause he supposedly removed some feminist editors.01/28/2015 - 11:57am
WonderkarpCivility, Wikipedia, and the Conversation on Gamergate https://blog.wikimedia.org/2015/01/27/civility-wikipedia-gamergate/01/28/2015 - 11:45am
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prh99Well it is Hollywood, remakes are the one thing they can be relied on for.01/28/2015 - 11:34am
E. Zachary KnightSo you want a sequel and not a reboot. Fair enough. I think either could work as you have said yourself.01/28/2015 - 11:32am
Wonderkarpotherwise, let it lie. Next thing you know they'll remake/reboot Alien or Godfather01/28/2015 - 11:28am
Wonderkarpand Ghostbusters is my favorite movie and its aged well. it doesnt need a remake. Just like Psycho didnt need one. If they threw in Dan Aykroyd, kept the original tech, and acknowledged the old films without crappy easter eggs, I'd be on board.01/28/2015 - 11:27am
WonderkarpI dont like Reboots/Remakes. For every Batman begins or Invasion of the Body Snatchers, there's a million Robocops, King Kongs, Star Treks, Amazing Spidermans, Taxis, Clash of teh titans, planet of the apes, footloose.01/28/2015 - 11:26am
prh99Wonderkarp, what more do you need? It's been ~26 years, and Harold Ramis died last year. If they can make something decent, who cares?01/28/2015 - 11:19am
prh99I wonder if they will fall into the trap of making those items more scarce in game in order to get people to pay.01/28/2015 - 11:14am
 

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