Tag Archives: John Jacob

SEC Releases New Guidance on Material Cybersecurity Incident Disclosure

by Eric T. Juergens, Erez Liebermann, Benjamin R. Pedersen, Paul M. Rodel, Anna Moody, Kelly Donoghue, and John Jacob

Photos of authors.

Top left to right: Eric T. Juergens, Erez Liebermann, Benjamin R. Pedersen, and Paul M. Rodel. Bottom left to right: Anna Moody, Kelly Donoghue, and John Jacob. (Photos courtesy of Debevoise & Plimpton LLP)

On June 24, 2024, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) released five new Compliance & Disclosure Interpretations (“C&DIs”) relating to the disclosure of material cybersecurity incidents under Item 1.05 of Form 8-K. A summary of the updates is below, followed by the full text of the new C&DIs.  While the fact patterns underlying the new C&DIs focus on ransomware, issuers should consider the guidance generally in analyzing disclosure obligations for cybersecurity events.

Continue reading →

100 Days of Cybersecurity Incident Reporting on Form 8-K: Lessons Learned

by Charu A. Chandrasekhar, Erez Liebermann, Benjamin R. Pedersen, Paul M. Rodel, Matt Kelly, Anna Moody, John Jacob, and Kelly Donoghue

Photos of authors

Top (left to right): Charu A. Chandrasekhar, Erez Liebermann, Benjamin R. Pedersen, and Paul M. Rodel
Bottom (left to right): Matt Kelly, Anna Moody, John Jacob, and Kelly Donoghue (photos of courtesy of Debevoise & Plimpton LLP)

On December 18, 2023, the Securities and Exchange Commission’s (the “SEC”) rule requiring disclosure of material cybersecurity incidents became effective. To date, 11 companies have reported a cybersecurity incident under the new Item 1.05 of Form 8-K (“Item 1.05”).[1]

After the first 100 days of mandatory cybersecurity incident reporting, we examine the early results of the SEC’s new disclosure requirement.

Continue reading →

SEC Adopts New Cybersecurity Rules for Issuers

by Charu A. Chandrasekhar, Luke Dembosky, Avi Gesser, Matthew E. Kaplan, Erez Liebermann, Benjamin R. Pedersen, Paul M. Rodel, Steven J. Slutzky, Matt Kelly, Kelly Donoghue, John Jacob, Amy Pereira, Mengyi Xu, and Chris Duff 

Photos of the authors

Top left to right: Charu A. Chandrasekhar, Luke Dembosky, Avi Gesser, Matthew E. Kaplan, Erez Liebermann, Benjamin R. Pedersen, and Paul M. Rodel.
Bottom left to right: Steven J. Slutzky, Matt Kelly, Kelly Donoghue, John Jacob, Amy Pereira, Mengyi Xu, and Chris Duff.
(photos courtesy of authors)

On July 26, 2023, the SEC adopted the long-anticipated final rules on cybersecurity risk management, strategy, governance, and incident disclosure for issuers. The new rules are part of the SEC’s larger efforts focused on cybersecurity regulation with a growing universe of rules aimed at different types of SEC registrants, including: (i) its proposed cybersecurity rules for registered investment advisers and funds and market entities, including broker-dealers, (ii) its proposed amendments to Reg S-P and Reg SCI and (iii) existing cybersecurity obligations under SEC regulations, including Reg S-P, Reg S-ID, and the recently amended Form PF.

Continue reading →