On February 21, 2018, the Securities and Exchange Commission (SEC) issued an interpretive Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the “Guidance”) to assist public companies in meeting their cybersecurity disclosure requirements under the federal securities laws. The Guidance notes that, as reliance on networked systems and the
On May 12, 2011, the Obama Administration released its legislative proposal concerning cybersecurity. The stated focus of the proposal is to shore up cybersecurity measures to protect the American people, the Nation’s critical infrastructure, and the Federal Government’s networks and computers while providing a framework for safeguarding individual privacy and civil liberties.
Businesses are on notice to pay more attention to computer security in order to protect business assets and private information, and to thwart infiltrations that threaten interconnected computers. And help is available from the United States Computer Emergency Readiness Team (“US-CERT”).
Department of Homeland Security (“DHS”) Secretary Michael Chertoff and Assistant Secretary of Cybersecurity Greg Garcia recently warned that an uptick in cyber attacks reveal a growing threat to critical U.S. infrastructure and private networks. Garcia warned that hackers “are making massive efforts to compromise computer systems on a global scale,” a reference to the fifty percent in crease in cyber-attacks between 2006 and 2007. Chertoff called upon businesses to help protect networks and infrastructure from infiltration and data theft. Secretary Chertoff remarked, “There’s no question this is the vulnerability of the 21st century.”