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On Wednesday February 20, the SEC issued a new guidance covering cybersecurity disclosures. This new interpretive guidance does not offer many SEC policy changes, but does signal an increased focus on cybersecurity disclosures by the SEC.
The long-awaited guidance lays out factors and obligations issuers should consider when telling investors about material risks they face from hackers and cybercriminals and what an actual incident could mean for the company’s health and ongoing operations. It also encourages them to take certain specific steps, such as ensuring they have policies to prevent insider trading by executives and directors prior to a cyber incident becoming public. New SEC Cybersecurity Guidance Dinged By Dems As Rehash, Law360, February 21, 2018.