Under Chairman Gary Gensler's stewardship, the SEC has bolstered its dedication to digital safety and strict compliance. Wall Street banks have been made acutely aware of this via fines totaling $549 million, stemming from compliance lapses in communication channels. The SEC's decision to penalize nine investment firms further underscores the unwavering emphasis on holistic compliance.
Recently, new SEC guidelines were announced, pertaining to cybersecurity incident disclosure. For any company looking to stay secure and compliant, a wise response to these new guidelines is critical.
The Latest SEC Guidelines
The new guidelines mandate that public companies must disclose significant cybersecurity incidents they encounter.
Additionally, these companies must annually share details about their strategies, management, and governance related to cybersecurity risks. This also applies to foreign private companies, who must provide similar disclosures.
The aim is to offer investors consistent and useful information about a company's cybersecurity status. Companies must report major cybersecurity incidents within four business days, but this can be delayed if there's a national security concern.
Heightened Cybersecurity Needs
The new SEC guidelines reflect a world where cybersecurity pressures are greater than ever.
While a single cybersecurity incident might seem isolated, its ripple effects can be far-reaching. For instance, a breach in one company's system can expose vulnerabilities that other companies might share. Over time, these isolated incidents can accumulate, painting a picture of systemic vulnerabilities that the entire industry might be overlooking.
It's crucial for companies to not just view incidents in isolation but to understand the cumulative impact of these incidents. Today, threats are interconnected. A vulnerability in one application can be exploited to gain access to another, and a breach in one company can serve as a blueprint for attacks on others.
This interconnected nature of threats means that no company is an island. The security challenges faced by one are challenges for all.
How to React: Multi-Channel, Contextual Security
In the interconnected digital landscape of today, where threats can be cumulative and often interlinked, an innovative security solution that operates across multiple channels and understands context is essential. This is where our platform comes into play.
We are committed to providing security and compliance for business communications, ensuring that every human connection made is secure. Our platform offers unified visibility, utilizing contextual AI to detect and respond to potential threats. Our focus isn't just on stopping isolated incidents; it's about comprehending the broader context and intent behind communications to preemptively address social engineering attacks, fraud, and malware delivery.
Here's a glimpse into what we offer:
- Protecting Inbound & Outbound Communication: We provide deep visibility to shield our users from phishing, fraud, and other social engineering attacks.
- Detect & Respond: By analyzing the context and intent of communications, we can address sophisticated threats and prevent malware delivery.
- Assure Compliance: We help businesses remain compliant by identifying and managing non-compliant communications, ensuring swift detection of potential policy violations.
- Neutralizing Insider Threats: Our platform is designed to understand communication patterns, allowing us to identify potential coercion or other insider threats.
- Consistent Policy Application: With our deep insight into communications, we ensure that security and compliance policies are consistently applied.
In light of the new SEC guidelines and the ever-increasing need for robust cybersecurity, our multi-channel and contextual approach aims to provide businesses with the tools they need to navigate this complex landscape securely, and minimize the amount of incidents they need to report.
See our compliance solution for yourself!