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SEC Asks Public Companies to Disclose Cyber Attacks

Reuters is reporting that the United States Securities and Exchange Commission has formally asked public companies to disclose cyber attacks against them.  This is the first such request by the SEC to public companies.  The SEC issued guidelines on last Thursday that set forth the new information that all public companies should disclose. This request follows a series of high profile cyber attacks and other internet crimes.

 According to the Reuters article, the SEC has asked for very specific information including “examples of estimates that may be affected by cyber incidents includ[ing] estimates of warranty liability, allowances for product returns, capitalized software costs, inventory, litigation and deferred revenue.”

 Clearly, cyber security is becoming a high profile item as evidenced by this recent requirement by the SEC. All companies, both public and private, should evaluate their cyber security protocols and procedures and adjust them as necessary to deal with the increasing threats. You can read the rest of the Reuters article here:

 http://newsandinsight.thomsonreuters.com/Legal/News/2011/10_-_October/SEC_asks_companies_to_disclose_cyber_attacks/

© 2021 BARNES & THORNBURG LLPNational Law Review, Volume I, Number 297
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