SEC enacted new cybersecurity disclosure rules:
Public Companies should file Form 8-K within four days of a material cybersecurity incident. The filing must include the incident's nature, scope, timing, and material impact.
A group of threat actors recently compromised a public company and took an unorthodox approach of reporting them to SEC for non-compliance.
Small and medium-sized businesses (Public or Private) are increasingly on the cyber frontlines, yet they under report cyberattacks.
A staggering 62% of organizations are estimated to under-report cybersecurity incidents, which could potentially expose them with the risk of legal repercussions, damaged reputation, and heightened vulnerability to future attacks.
You do not want your clients impacted due to the security breach you sustained. That could tarnish your brand and you could be losing customers.
Further more, legal complexities may arise, especially in industries with stringent data protection laws.
Unreported incidents also mean missed opportunities for learning and strengthening defenses against future attacks.
Protecting your business isn't just about deploying firewalls or antivirus software; it's about creating a culture of cybersecurity awareness.
Regular training sessions for employees, understanding your digital environment, and implementing robust security policies are crucial steps.
And preparation is key. Establishing a comprehensive incident response plan that outlines procedures for addressing and reporting cybersecurity incidents would go a long way.
Embracing transparency in cybersecurity isn't just a choice; it's a necessity for survival and trust-building in the digital age. Regularly reviewing and updating your cybersecurity strategies and reporting protocols can transform cybersecurity from a daunting challenge into a manageable and integral part of your business operations.
At Moda Experts, we specialize in Cyber Security and IT Cost Containment for small and medium businesses. Please reach out to secure your business from cyber threats and convert IT spend into strategic investments.
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