Following up on clues earlier this year that the SEC may increase its scrutiny of cybersecurity disclosures, SEC Chairman Mary Jo White has asked the Commission to evaluate current guidance for cybersecurity disclosures and to consider whether more stringent requirements are necessary. White asked the Commission to assemble a report on general practice and compliance with existing guidelines, and to make recommendations for future guidance. White did not yet commit to changes to the current guidelines, issued in October 2011, pending issuance of the report.
Senator Jay Rockefeller, who disclosed the Chairman’s directive, has recently encouraged the SEC to provide further guidance on cybersecurity disclosures. He has already sponsored legislation in this arena, including the Cybersecurity Act of 2012, which would have pushed the private sector to share internal information within the industry and with government agencies. The proposed legislation in 2012 would have also encouraged the enactment of protective measures for computer networks. Senator Rockefeller has expressed concern about the lack of information regarding cybersecurity risks, and appears poised to push for additional disclosures. READ MORE