The Securities and Exchange Commissioner says that corporations need to do more to protect investors from the financial damages of data beaches. Speaking at Tulane University’s Corporate Tulane Law School on Thursday, a leader of the SEC plainly stated that American companies are “under attack” from hackers. “The cyberthreat is not primarily a regulatory issue any more than it is primarily a technological issue. Cybercrime is an enterprise-level risk that will require an interdisciplinary approach, significant investments of time and talent by senior leadership and board-level attention,” SEC Commissioner Robert Jackson said. The SEC issued updated guidance last month for how companies should approach the issue of breach disclosure. Jackson said that he only reluctantly joined the guidance because it leaves too much discretion to corporate counsel to decide whether investors should be informed of an incident. “I worry that these judgments have, too often, erred on the side of nondisclosure, […]
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