SEC Suits Over Cyber Reporting Could Be On Horizon
By Jimmy Hoover (April 20, 2017, 1:25 PM EDT) -- The U.S. Securities and Exchange Commission has yet to lodge a formal enforcement action against a public company for failing to report cyber incidents and risks, but that could change soon, the agency's acting enforcement chief warned Thursday, adding that she could "absolutely" envision circumstances where one would be necessary.
Acting Enforcement Director Stephanie Avakian made clear to an audience of corporate attorneys Thursday that they shouldn't mistake the absence of such SEC actions for the agency's unwillingness to go after companies with inadequate cybersecurity disclosures before and after breaches or other incidents.
"We've not brought an action in that space....
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