Sen. Paul Sarbanes (D-Md.) built a reputation as a lawmaker with a low profile and a high impact. His recent passing has brought one of his signature pieces of legislation back into the spotlight. The Sarbanes-Oxley Act of 2002 instituted protections to promote the stability of the national financial system. As the digital era reshapes the economy, we can honor Sen. Sarbanes’ work and legacy by ensuring that the Act continues to serve the same ends he envisioned nearly 20 years ago — promoting American prosperity through responsible corporate governance.
As recent news of a wide-scale hack via a product used by thousands of businesses reminds us, the risks to corporations are vastly different than they were when Sen. Sarbanes was writing his bill. The impact of the SolarWinds breach, and the growing list of companies and organizations affected, shines a clear light on the acute importance of building a better cyber defense. Cyber attacks are now ubiquitous, and no company is safe. Although businesses have increased their investment in cybersecurity, many CEOs and Boards still feel unprepared for the evolving and aggressive tactics employed by threat actors perpetrating this…
