New Guidance by SEC Underscores Commission's Continued Focus on Cybersecurity Incident Reporting
On June 24, the Securities and Exchange Commission (SEC) issued new compliance and disclosure interpretations (C&DIs) providing additional guidance on cybersecurity incident reporting pursuant to Item 1.05 of Form 8-K.
August 01, 2024 at 11:36 AM
12 minute read
John Crozier, left, and Katayun I. Jaffari, right, of Cozen O'Connor. Courtesy photos
Introduction
On June 24, the Securities and Exchange Commission (SEC) issued new compliance and disclosure interpretations (C&DIs) providing additional guidance on cybersecurity incident reporting pursuant to Item 1.05 of Form 8-K. These C&DIs follow four C&DIs published by the SEC in December 2023 relating to disclosure obligation considerations after holding discussions with the U.S. Attorney General about the occurrence of a cybersecurity incident.
The new C&DIs, excerpted below, were issued by the SEC just a month after the SEC's Division of Corporate Finance director, Erik Gerding, issued a statement in May intended to clarify cybersecurity incident reporting on Form 8-K and provide guidance on determining the materiality of cybersecurity incidents in the context of ransomware attacks that cause operational disruptions or data exfiltration.
Taken together with Gerding's statement in June addressing selective disclosure of cybersecurity incidents, including potential regulation fair disclosure (FD) implications, the new C&DIs highlight the SEC's continued focus on cybersecurity incident related disclosures.
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