SEC Cyber Disclosure Actions Point To Merciless Scrutiny

By John Reed Stark (August 24, 2021, 5:51 PM EDT) -- The U.S. Securities and Exchange Commission has just stepped up its enforcement efforts for internal cyber-related reporting failures by public companies — big time.

To date, given the dearth of SEC enforcement actions charging cyber-related disclosure failures, commentators typically cite the SEC enforcement action against Altaba Inc., formerly known as Yahoo! Inc., as the most pertinent precedent and guide for heedful corporate counsel.[1]

But with the recent announcements of two SEC cyber-related administrative actions, one involving a cyberattack upon an educational services company and the other involving a cyber vulnerability at a financial services firm, the SEC has not only moved the...

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