SEC sets 4-day reporting deadline for 'material' IT breaches

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SEC sets 4-day reporting deadline for 'material' IT breaches
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Crooks pwned your servers? You've got four days to tell us, SEC tells public companies

To do this, he suggests boards do three things. First: get educated about key topics. This will help"ensure that cyber and broader technology risk is embedded in operational risk and strategic discussions and organizational decisions," he said.

Third:"Stay informed about ongoing reporting activities, ask questions, and work with the CISO and other leaders to understand cyber risk metrics," Homovich said.Of course, not everyone is happy with the new cyber-reporting rules. The SEC's 3-2 vote approving the changes went down along party lines, with the regulator's two Republican commissioners opposing the requirements.

No reasonable investor would want premature disclosure of a cyber event to malicious actors or a hostile nation-state Major security breaches reported by public companies increased by nearly 600 percent in the past decade, according to Commissioner Caroline Crenshaw, citing earlier SEC figures.

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