As of July 23, 2023, the Securities and Exchange Commission (SEC) issued their final ruling on cybersecurity risk management and incident response strategy and disclosure obligations, putting the responsibility squarely on businesses to inform shareholders about how they manage cyberattacks and prevention methods, in a timely fashion.
The goal? Ensure publicly traded companies give investors the information they need to make informed decisions about their investment portfolios. But these new rules should give privately held and smaller businesses should still take note of the new rules as they determine their own approach to cybersecurity prevention and response.
The question now arises: Is your business aware of these changes and prepared to comply?
SEC Compliance is a Three Step Process
Step One: Incident Response Support
With heightened scrutiny from the SEC, companies must disclose material cybersecurity incidents, but what denotes material? Utilizing independent resources for active threat intelligence will give you an unbiased directive of the potential impact of the incident and whether disclosure is required in accordance with the new rules.
Step Two: Proactive Cybersecurity Assessments & Response Plans
Conducting objective cybersecurity assessments and incident response (IR) plans will help your organization not only identify areas of risk and potential impact of those breaches, but also document steps to be taken, should an attack occur, that mitigates the impact to the business, investors and end consumers.
Step Three: Ongoing Threat Monitoring
Taking a managed services approach to your security efforts will allow your organization to adapt its response to threats on a continuous basis, instead of only after an incident occurs. Prevention of breaches will reduce your disclosure obligations and help your organization stay focused on its mission and goals.
Do you need help navigating these compliance rules? Computer Solutions offers cybersecurity assessments, threat monitoring and incident response services, giving your organization access to a full cybersecurity team, at a fractional rate. For more information visit our cybersecurity services page today and let us help you take the first step towards ensuring regulatory compliance.
