New regulation from the SEC to require companies to report how cyber risk could affect them financially. April 2023
Against the backdrop of the growing frequency and severity of cyber attacks against enterprises, proposed new regulations from The Securities and Exchange Commissionare set to require publicly traded companies in the U.S. to analyze how cyber risk could affect financial statements.
Financial losses from cyberattacks are growing
In March 2022, SEC Chair Gary Gensler acknowledged just how financially damaging cyber risk has become, stating that “The economic cost of cyberattacks is estimated to be at least in the billions, and possibly in the trillions, of dollars”.
The objective of the new rules are to strengthen the cyber security posture and resilience of businesses in general and the financial sector in particular.
The desire for enterprise decision makers to financially quantify cyber risk has long been strong internally, however the recent move by one of the most influential Wall St. regulators will give new impetus to invest in robust cyber risk management capabilities.
Learn more about how the Quantum Platform – Financially Quantify Enterprise…
