United States:
SEC Considering Enforcement Actions Due To Inadequate Cybersecurity Disclosures
03 May 2017
Kramer Levin Naftalis & Frankel LLP
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Acting SEC enforcement director Stephanie Avakian says the
agency may file formal enforcement actions against public companies
that fall short of cyber incident and risk reporting requirements.
While the agency has yet to do so since issuing
guidance on the topic in 2011, Avakian told a recent panel
session of the International Association of Privacy
Professionals' Global Privacy Summit she could foresee
circumstances where it would be necessary to file suit. Despite the
SEC's willingness to pursue an enforcement action, Avakian also
sought to reassure it would not target companies that make
"good faith disclosure decisions" that nonetheless fall
short of expectations.
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