Michelle Reed Quoted by Law360 on SEC Cybersecurity Guidance
Akin Gump cybersecurity, privacy and data protection practice co-leader Michelle Reed was quoted by Law360 for its article “SEC Solidifies Liability Risks With Cybersecurity Guidance,” on the Securities and Exchange Commission’s (SEC) recent cybersecurity disclosure guidance.
The guidance, issued by the SEC’s commissioners, urged publicly traded companies to be more forthcoming concerning cybersecurity in public filings, according to the article.
Reed, whose practice also includes securities litigation, said, “The main takeaway is if you haven't looked at your disclosures on cybersecurity risks and incidents, in the wake of this commission-level guidance, that should be at the top of your list now.”
She noted that the SEC is looking at these disclosures with the expectation that they will be “really meaningful, so it's important for companies to think very carefully about what they're saying in terms of cyber risks and make sure these disclosures aren't cookie cutter.”
Despite what the article characterizes as a shortage of specifics in the guidance, Reed added that, as it’s been seven years since the release of the staff guidance on which the commissioners’ recent guidance was based, companies will likely have a long wait before anything more detailed is issued.