In July, the Securities and Exchange Commission (SEC) adopted rules requiring public companies operating in the U.S. to disclose cybersecurity incidents and annually report information regarding their cybersecurity risk management, strategy, and governance.
The new rules should serve as a wake-up call to all companies, anywhere in the world, regardless of their size or sector. Ignorance is not an excuse anymore. I first talked about this back in 2015 at the World Economic Forum’s annual meeting in Davos, where I said, “There are only two kinds of companies: those that have been hacked, and those that don’t know they have been hacked.” This was considered shocking news then, but has since become a given, with the situation getting exponentially worse every year – and artificial intelligence will further accelerate these concerns.
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