Abacus Group’s Post

New SEC rules: The murkiness of materiality: Before their finalization, the proposed rules received over 200 comments from industry groups, universities and legal firms. Many of them highlight the complexities of cyber incident reporting and the many potential conflicts it has with the transparency the SEC seeks to provide investors.   #FederalNewsRadio #Innovation

24/7-365 @ America.gov of Antitrust & BigTech's Billionaires BS of CSAM-CYBER Epidemic! New Securities & Exchange Commissions Cybersecurity Incident Reporting & Rules Don't Kickass Until Dec. 2023, But CSAM-CYBER Experts Say They Highlight the NEED for Greater Collaboration Between ALL CISOs & C-Suite's! AI.gov, CISA.gov, Data.gov, Digital.gov, Justice.gov, MyMoney.gov, Public.Cyber.mil, Regulations.gov, SEC.gov, Section230.us, SupremeCourt.gov, Trade.gov, USA.gov & USCourts.gov @ Whistleblowers.gov 🏛🏛🏛

#Financialadvisors - Take the proper measures today to avoid having to report later. Read more from Alex Padalka and Financial Advisor IQ about how the SEC is requiring firms to tighten their measures in protecting client information and disclosing breaches. You can also download our free resource at wht4advisors.com for more information on the #SEC requirements and best practices for maintaining an efficient, compliant, and secure practice. #cybersecurity #fintech #compliance #RIAs #advisors #security #advisors #wealthmanagement #practicemanagement https://bit.ly/3WIT9Pu

Law firms are playing a game of catch up as the sheer volume of data, both in hard copy and electronic form, they routinely handle continues to skyrocket exponentially. To further complicate matters, most of this data is sensitive and/or confidential, driving the emergence of firms adopting robust information governance (IG) policies/strategies. Chief Legal Officers rank key components of a comprehensive IG program, such as cybersecurity, regulatory compliance, and data privacy as the most important issues they face year over year, according to the 2023 ACC CLO Survey. But are firms implementing? Check out the most recent article published in ALM’s Legaltech News from Mattern Consultant Kevin Taylor, J.D., IGP, “The State of Information Governance and the Disconnect Between Policy and Reality" here: https://lnkd.in/g36mHjK2

Take a look at this statement from an 8-k that was submitted earlier this month. Did they report too quickly? It appears (at the time of this 8-k) the attack was ongoing and the final statement added, "...Company does not believe the incident is reasonably likely to have a material impact on the Company..." For me I think they were being proactive, which is admirable. But, do you think it was too quick? #sec8k #cybersecurity "On May 6, 2024, Key Tronic Corporation (the “Company”) detected unauthorized third party access to portions of its information technology (“IT”) systems. Upon detection of this outside threat, the Company activated its cyber incident procedure to investigate, contain, and remediate the incident, including beginning an investigation with external cybersecurity experts and notifying law enforcement. The incident has caused disruptions, and limitation of access, to portions of the Company’s business applications supporting aspects of the Company’s operations and corporate functions, including financial and operating reporting systems. As the investigation of the incident is ongoing, the full scope, nature and impact of the incident are not yet known, but based on the information reviewed to date, the Company believes the unauthorized activity has been contained and is working diligently to bring the impacted portions of its IT system back online. As of the date of this filing, the Company does not believe the incident is reasonably likely to have a material impact on the Company, including its financial condition or results of operations." https://lnkd.in/e3NRDftF

The Securities and Exchange Commission (#SEC) has announced a new amendment for #financial institutions to have well-defined plans for responding to #data breaches involving #customer information. SEC Chair Gary Gensler commented, "If you've got a breach, then you've got to notify. That's good for #investors." Organizations under these new rules must notify victims no later than 30 days after becoming aware of such an incident. The notice must include all relevant information about the breach and resources for customers to protect themselves. Read more at: https://lnkd.in/eKC7k-zc   New regulations might seem overwhelming to business owners, but remember that this is not a task that IT Teams need to take on alone. Bavelle Technologies has spent over 25 years partnering with organizations of all sizes to help IT teams stay compliant and recover from #cyberattacks. We have developed deep-curated #partnerships with innovative #technologies, leveraging a wide berth of #cybersecurity professionals and assisting organizations to secure customer data. Explore Bavelle Technologies here: https://www.bavelle.com/ #informationtechnology #informationsecurity #compliance #datasecurity #mssp #businesscontinuity #networksecurity

The U.S. SEC adopted rules requiring publicly traded companies to report cyberattacks within four days of determining a material impact. The rules were revised to focus on the potential effects of the cyberattack, not the incident's details. Republican Commissioners opposed the rules, while Democratic commissioners supported them. The requirement to disclose cybersecurity expertise on boards was removed, but companies must describe the board's process for overseeing cybersecurity risks. The SEC is developing other cybersecurity-related rules for investment management firms, advisers, and market entities. https://lnkd.in/g6dTpzpU

#TaxmannAnalysis #SEBI This article analyses the transformative changes made by SEBI to boost transparency, safeguard investors and enhance operational efficiency across various financial segments. The key highlights include: ‣ Restrictions on SEBI-Regulated Persons from Associating With Unregistered Investment Advisors ‣ Providing Flexibility in the Delisting Framework and Counter-Offer Mechanisms ‣ Exempting University Funds Registered as Category I FPIs from Additional Disclosure Requirements ‣ Streamlining the Public Issue Process for Debt Securities and Non-Convertible Redeemable Preference Shares ‣ Measures to Facilitate Ease of Doing Business for InvITs and REITs ‣ Allowing Category I and II AIFs to Borrow for a Shorter Period to Cover Temporary Shortfalls in Investor Contributions ‣ Approves 'Cybersecurity and Cyber Resilience Framework' for Regulated Entities Download/Read More: https://lnkd.in/dE8TnJR5 [12 Mins | Read Time] Drafted by: Taxmann's Advisory & Research Team | Corporate Laws #TaxmannUpdates #TaxmannAdvisory #CyberSecurity #FPI #AIF

The U.S. Securities and Exchange Commission has adopted new rules requiring publicly traded companies to disclose cyberattacks within four business days after determining they're material incidents. According to the Wall Street watchdog, material incidents are those that a public company's shareholders would consider important "in making an investment decision." The SEC also adopted new regulations mandating foreign private issuers to provide equivalent disclosures following cybersecurity breaches. Listed companies must now include details about the cyberattack (including the incident's nature, scope, and timing) in periodic report filings, specifically on 8-K forms. These new cybersecurity incident reporting rules are set to take effect in December or 30 days after being published in the Federal Register. However, smaller companies will be granted an additional 180 days before they are required to provide Form 8-K disclosures. To read more; https://lnkd.in/d_9cmyE2

#TaxmannAnalysis #SEBI This article analyses the transformative changes made by SEBI to boost transparency, safeguard investors and enhance operational efficiency across various financial segments. The key highlights include: ‣ Restrictions on SEBI-Regulated Persons from Associating With Unregistered Investment Advisors ‣ Providing Flexibility in the Delisting Framework and Counter-Offer Mechanisms ‣ Exempting University Funds Registered as Category I FPIs from Additional Disclosure Requirements ‣ Streamlining the Public Issue Process for Debt Securities and Non-Convertible Redeemable Preference Shares ‣ Measures to Facilitate Ease of Doing Business for InvITs and REITs ‣ Allowing Category I and II AIFs to Borrow for a Shorter Period to Cover Temporary Shortfalls in Investor Contributions ‣ Approves 'Cybersecurity and Cyber Resilience Framework' for Regulated Entities Download/Read More: https://lnkd.in/dE8TnJR5 [12 Mins | Read Time] Drafted by: Taxmann's Advisory and Research Team | Corporate Laws #TaxmannUpdates #TaxmannAdvisory #CyberSecurity #FPI #AIF