Will cybersecurity risk be addressed in your next proxy?

As more investors demand information about the board’s role in risk oversight, U.S. Senators Jack Reed (D-RI) and Susan Collins (R-ME) have submitted The Cybersecurity Disclosure Act of 2015 that encourages corporate boards to take responsibility for cybersecurity and ensure that they have the expertise needed to identify risks and implement strong defenses against hackers and other threats.

To read the full article click here. For an excerpt, see below:

“Cybersecurity is one of the most significant and enduring challenges businesses face and should be accounted for as part of the corporate risk management process.  Investors and customers deserve a clear understanding of whether public companies are prioritizing cybersecurity and whether they have directors who can play an effective role in cyber-risk oversight,” said Senator Reed, a senior member of the Senate Banking Committee.

“For decades the SEC has had the mandate to make sure investors and shareholders have similar information as insiders.  Unfortunately, the annual disclosures made by publicly traded companies have not kept pace with the pace of technological innovation.  Our bill fixes that by making sure that firms provide a basic amount of information about the degree to which a firm is protecting the economic and financial interests of the firm from cyber attacks,” said Senator Collins, a member of the Senate Select Committee on Intelligence.

By |2019-03-05T09:42:45-05:00January 7th, 2016|Categories: News Watch|Tags: , , |Comments Off on Will cybersecurity risk be addressed in your next proxy?
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