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SEC Considers Updating Disclosure Requirement for Breaches on Public Firms

SEC Considers Updating Disclosure Requirement for Breaches on Public Firms - top government contractors - best government contracting event
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SEC Considers Updating Disclosure Requirement for Breaches on Public Firms - top government contractors - best government contracting event
Mary Schapiro, SEC

Securities and Exchange Commission Chairman Mary Schapiro will “seriously consider” issuing additional guidance detailing when public companies should notify the public about cybersecurity breaches, Reuters reports.

“Although we are not aware that investors have asked for more disclosure in this area, I have asked the commission staff to provide me with a briefing on current disclosure practices,” Schapiro said in a letter to Sen. John Rockefeller, obtained by Reuters.  “As we further analyze this issue, we will seriously consider your request for interpretive guidance.”

Schapiro’s decision to explore the issue follows a recent wave of cyber attacks, including intrusions against Lockheed Martin and Google.

Although the law requires public companies to disclose risks and events that could be deemed important information for investors, Rockefeller said his concern was that many fail to notify about information security risks.

The West Virginia senator has asked the SEC to consider publishing interpretive guidance on publicizing breaches involving intellectual property or trade secrets.

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