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Potential Legal Pitfalls for Public Companies Due to SEC's New Cybersecurity Rules
The Security and Exchange Commission's (SEC) march toward putting stringent cybersecurity disclosure requirements in place for public companies and covered entities reached its endpoint last month. Some 16 months after first proposing rules for public companies and investment advisors, the SEC adopted new rules, chief among them that public companies disclose material cybersecurity breaches to investors within four days.
As SEC Chair Gary Gensler explained in a press release, "Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors. Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way." But as John Loyal and Jerry Bessette explain, the reporting rule carries with it potential plusses and minuses — among the latter, the potential to misinform investors and hinder the process of containing the breach.
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On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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Bit Parts
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Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.