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SEC adopts rule requiring companies to disclose cyber incidents on July 28, 2023 at 5:53 pm Business News | The Hill

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The Securities and Exchange Commission (SEC) adopted a rule this week that will require publicly traded companies to report significant cyber incidents that are “material” to investors.

Companies will have four business days to report to the agency from the time they determine that the incident was material. 

“Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors,” SEC Chair Gary Gensler said in a statement.

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“Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way,” he added. 

Under the new rule, companies will have to disclose the incident’s nature, scope, timing and impact. 

Companies will also have to explain the processes they have in place to assess, identify and manage risks from cyber threats.

Reed Loden, vice president of security at Teleport, said that the ruling is long overdue and something the industry has been needing for awhile.

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“I’m hopeful that this ruling will act as a catalyst for all organizations to remain open and transparent about their incidents and share as much information as possible,” Loden said. 

“Sharing information means other organizations can learn from other’s mistakes to better address their own issues,” he added. 

Loden also said that while the ruling is a good place to start, it does leave some unanswered questions about what would be considered as “material” from a company’s perspective, as it could leave it up to its discretion to decide, creating some leeway.

“I suspect we’ll find some organizations may be less willing to disclose things, so it’ll be interesting to watch how forceful the SEC will be with this if it’s later revealed that certain companies failed to disclose a serious security incident,” he said. 

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He added that many companies could see this new ruling as another “regulatory overhead” that they now have to comply with and that could maybe “cause them bad press, as it basically forces them to publicly announce when they have a major security incident. But for investors and consumers, it will help them understand how companies are handling security internally.”

Brandon Pugh, policy director of the cybersecurity and emerging threats team at the R Street Institute, said he’s seen mixed reaction from companies about the recent rule. 

“Some say this is similar to information they voluntarily provide now in the name of transparency while others say this might reveal sensitive security-related information,” Pugh said.

“This new rule does impose new requirements on companies, so there will be added costs to comply and potential liability if they do not,” he added.

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The new rule will take effect 30 days after it’s published in the Federal Register, the agency said.  

The SEC is the latest agency to adopt such a rule.

Last year, Congress passed a legislation that would require companies in critical sectors to report substantial cyberattacks within 72 hours and ransomware payments within 24 hours to the Cybersecurity and Infrastructure Security Agency.

The legislation was passed amid heightened security concerns from U.S. government agencies urging companies in critical sectors to strengthen their cyber defenses against Russian cyberattacks. 

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​Cybersecurity, Business, CISA, cyber incidents, Gary Gensler, investors, SEC The Securities and Exchange Commission (SEC) adopted a rule this week that will require publicly traded companies to report significant cyber incidents that are “material” to investors. Companies will have four business days to report to the agency from the time they determine that the incident was material. “Whether a company loses a factory in…  

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Honoring a Digital Pioneer: Happy Birthday Mark!

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Today, we celebrate the birthday of Mark Zuckerberg, the enigmatic CEO and co-founder of Facebook, who has revolutionized the way we connect and share information. As he marks another year of life, we reflect on his remarkable journey, from creating a social network in his college dorm room to building a global phenomenon. Join us in honoring his innovative spirit and the impact he’s had on the digital world.

Early Adopter and Philanthropist

Zuckerberg’s early adoption of emerging technologies is a testament to his forward-thinking mindset. In 2011, he was the most followed user on Google+, surpassing even the platform’s co-founders, Larry Page and Sergey Brin. This early embrace of new platforms showcases Zuckerberg’s ability to identify and capitalize on emerging trends.

Alongside his technological prowess, Zuckerberg has also made significant strides in philanthropy. In 2014, he donated $25 million to combat the Ebola virus epidemic, demonstrating his commitment to using his wealth and influence to make a positive impact on the world. Furthermore, Zuckerberg has signed the “Giving Pledge” commitment, promising to donate at least 50% of his wealth over his lifetime.

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Unconventional Career Path and Surprising Milestones

Zuckerberg’s career path has been anything but conventional. Despite receiving job offers from companies like AOL and Microsoft before even graduating high school, he turned them all down, choosing instead to pursue his own vision. This decision would ultimately lead to the creation of Facebook, a platform that has revolutionized the way we connect and share information.

One of the most surprising milestones in Zuckerberg’s life was his marriage to Priscilla Chan. The couple’s wedding was a surprise to guests, who thought they were attending Chan’s graduation party. This unexpected event showcases Zuckerberg’s ability to keep his personal life private amidst the glare of public scrutiny.

Visionary Leadership and Controversies

As the CEO of Facebook, Zuckerberg has demonstrated visionary leadership, guiding the company through periods of rapid growth and expansion. In 2010, at the age of 26, he was named Time magazine’s Person of the Year after Facebook reached over 500 million users, a testament to his ability to drive innovation and user engagement.

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However, Zuckerberg’s tenure has not been without controversy. In 2018, he testified before the U.S. Congress regarding Facebook’s data privacy practices after the Cambridge Analytica scandal, highlighting the challenges of balancing user privacy with the demands of a rapidly evolving digital landscape.

Unique Personality and Quirks

Zuckerberg’s unique personality and quirks have also captured public attention. His wardrobe, consisting of multiple copies of the same gray shirts and darker gray hoodies, has become an iconic part of his public persona. Additionally, his belief that Facebook could have prevented the Iraq War by giving more people a voice to share their perspectives showcases his ambitious vision for the platform.

Despite the controversies and challenges he has faced, Mark Zuckerberg remains a visionary leader who has transformed the way we connect and share information. From his early programming talents to his philanthropic efforts and unconventional career path, Zuckerberg’s story is a testament to the power of innovation, determination, and vision in shaping the future of technology.

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Introducing GPT-4o

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OpenAI’s latest innovation, GPT-4o, is set to transform the business landscape with its groundbreaking AI capabilities. This cutting-edge model empowers organizations to achieve new levels of efficiency, innovation, and customer engagement, giving them a competitive edge in an ever-evolving market.

Multimodal Mastery: Seamless Interactions Across Platforms

GPT-4o excels in integrating voice, visual, and textual inputs, enabling businesses to engage with customers and stakeholders in a truly immersive and intuitive manner.
  • Voice Interaction Mastery: Engage in real-time voice conversations with remarkable accuracy and human-like emotional nuances.
  • Visual Intelligence Powerhouse: Process visual inputs like images and videos in real-time, enabling object recognition, scene understanding, and visual reasoning.
  • Code Reading Genius: Read and understand complex code, empowering developers and analysts to work more efficiently.
Performance and Cost Efficiency: Accelerating Business Growth
GPT-4o delivers lightning-fast productivity and cost-effective solutions, ensuring businesses can leverage AI capabilities without compromising their bottom line.
  • Lightning-Fast Productivity: Generation speed is twice as fast as its predecessor, enabling rapid decision-making and accelerating workflows.
  • Cost-Effective Solutions: 50% lower API pricing and a 5x higher rate limit make AI capabilities accessible to businesses of all sizes.
Global Reach and Knowledge: Transcending Boundaries
GPT-4o’s advanced capabilities enable businesses to navigate the global landscape with ease.
  • Multilingual Mastery: Enhanced performance for non-English languages connects businesses with global markets and diverse audiences.
  • Expansive Knowledge Base: Access the latest industry trends, best practices, and market developments with a knowledge base spanning until October 2023.
GPT-4o is poised to become the ultimate AI assistant for businesses, streamlining workflows, driving data-driven insights, and elevating customer experiences. Embrace the future of AI-powered operations and unlock new levels of efficiency, innovation, and growth.
Note: I made some minor changes to the structure, wording, and formatting to improve readability and flow. I also removed the citations section, as it’s not typical in marketing copy, and instead incorporated the sources into the text where necessary. Let me know if you have any further requests!

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Autonomous Trucks Revolutionize Freight Transportation in Texas

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In a groundbreaking move, Texas is set to become the hub for driverless semi-trucks, marking a significant milestone in the deployment of autonomous vehicles on public roads. Aurora Innovation Inc., a pioneering autonomous transportation company, is launching up to 20 driverless trucks in the next nine months, transporting loads for major partners like FedEx, Uber Freight, and Werner. This initial deployment is just the beginning, with thousands of autonomous trucks expected to join America’s public highways within the next three to four years, aiming to:

  • Enhance the speed and efficiency of goods transportation
  • Reduce delivery times and costs
  • Optimize fuel efficiency

However, concerns arise:
  • 66% of Americans are apprehensive about riding in autonomous vehicles (AAA poll)
  • Job displacement and lower-paying positions for truck drivers
  • Lack of comprehensive federal regulation
  • Public trust in autonomous vehicle safety is low
Despite these concerns, Texas is an ideal location for this technology due to its:
  • Explicit permission for autonomous trucks to operate without human drivers
  • High volume of freight traffic
Advocates argue that autonomous trucks could enhance road safety in Texas, a state that has experienced at least one fatal car crash every day since 2000. As this technology evolves, stakeholders must address concerns and prioritize safety, ethical considerations, and the well-being of all involved in the transportation industry.

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