SEC Changes Disclosure Rules on Reporting Cyber Attacks

October 14, 2011 -

The U.S. Securities and Exchange Commission (SEC) released new guidelines on Thursday that require publicly traded companies to disclose when they are the victim of a security breach or cyber attack. The new guidelines are the result of members of congress pressuring the watchdog agency to add them following several major cyber attacks earlier this year. Senator John Rockefeller is one of those lawmakers. The SEC said Thursday that if a cyber attack occurs and leads to losses, then companies should disclose the losses, or attempt to estimate what is reasonably possible in terms of a financial impact.

“Intellectual property worth billions of dollars has been stolen by cyber criminals, and investors have been kept completely in the dark. This guidance changes everything,” Rockefeller said in a statement to Reuters.

The SEC said that, while it won't require companies to describe how they will protect themselves in the aftermath of a cyber attack, they do have to disclose the cost of fixing compromised networks, increased security costs, related lost revenues, losses related to losing customers, litigation costs, and possible costs related to a hit in their reputation.

This year several major corporations have been hit with cyber attacks including Sony, Google, Lockheed Martin, Citigroup, the International Monetary Fund and others.

You can read the new guidelines here.

Source: VentureBeat


 
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Matthew Wilsonthe thing is in japan holidays do not drive sales, and x/y came out everywhere on October 12th last year. This is Nintendo thinking japan is more important than the rest of the world, and that has not been true since the early 2000s.09/14/2014 - 5:49pm
InfophileA glitch in SSB 3DS is causing players to get banned for using Peach: http://www.polygon.com/2014/9/14/6147417/report-glitch-serves-up-one-day-bans-for-smash-bros-players-who-pick09/14/2014 - 4:28pm
Jessy Hart@ZippyDSMlee Hopefully!09/14/2014 - 11:32am
Neeneko@Infophile - as someone who dealt with release schedules, holidays and other releases are just the begining ^_^09/14/2014 - 11:23am
ZippyDSMleeJessy Hart:I am sure they will be back as DLC...09/14/2014 - 10:31am
Jessy HartI miss the Ice Climbers :(09/14/2014 - 9:55am
InfophileSimultaneous worldwide releases aren't as simple as they seem. Different places have different holidays, plus different other releases to contend with. So a little bit of staggering makes business sense09/14/2014 - 3:25am
MaskedPixelantehttp://www.joystiq.com/2014/09/13/excavated-et-cartridges-will-be-sold-distributed-to-museums/ Alamogordo is going to be selling off a bunch of the games from the Atari Graveyard.09/13/2014 - 9:02pm
Matthew Wilsonnintendo should have done a world wide release for smash. The game is all over twitch.09/13/2014 - 12:47pm
ZenYeah, I got a set of codes yesterday and have been enjoying the heck out of it. Limited characters...but it is a demo lol. Glad there is no play limit though which...well...FINALLY. Now, any ideas why it tracks the coins?09/13/2014 - 10:48am
Andrew EisenThe verbiage was "select Platinum members" so yeah, if it's not a random sampling, the other requirements are hidden. Still, everyone gets the demo next week.09/13/2014 - 10:39am
MaskedPixelanteThere appears to be some other factors determining whether or not you get codes. Some people I talked to said they didn't get codes despite meeting all the announced conditions.09/13/2014 - 9:36am
quiknkoldI got Smash Bros Codes!09/13/2014 - 6:42am
InfophileBasically, anyone who got Platinum level on Club Nintendo last year and has e-mails enabled got four codes yesterday (including me) for early demo downloads. Don't know why Nintendo is doing it this way. Maybe they plan more Club perks like this?09/13/2014 - 4:20am
Matthew Wilson@wym I am just hoping they do not screw up their netcode, but given their history I am not holding my breath.09/13/2014 - 12:05am
Andrew EisenThe Smash 4 demo should be available to all 3DS owners on Sept. 19.09/12/2014 - 8:48pm
WymorenceLucky. I've been drooling at that game hoping they can get it to work for a portable since buying my 3DS09/12/2014 - 8:36pm
MaskedPixelanteMan, the way they animate Mega Man in Smash 4 is so accurate to his sprite it's scary.09/12/2014 - 7:28pm
MaskedPixelante3DS version.09/12/2014 - 3:23pm
Wymorence3DS version or WiiU version?09/12/2014 - 3:22pm
 

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