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The proposed U.S. Securities and Exchange Commission’s stronger rules for reporting cyberattacks will have ramifications beyond increased disclosure of attacks to the public. By requiring not just quick reporting of incidents, but also disclosure of cyber policies and risk management, such regulation will ultimately bring more accountability for cybersecurity to the highest levels of corporate leadership.
This means that boards and executives will need to increase their understanding of cybersecurity, not only from a tech point of view, but from a risk and business exposure point of view. The CFO, CMO and the rest of the C-suite and board will want and need to know what financial exposure the business faces from a data breach, and how likely it is that breaches will happen. This is the only way they will be able to develop cyber policies and plans and react properly to the proposed regulations.
Calculating cyber risk
Companies will therefore need to be…
