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IDG Contributor Network: Feds might force your board to be cyber-aware

Discussion in 'CSO' started by RSS, Aug 2, 2016.

  1. RSS

    RSS New Member Member

    Laws frequently change the way that we do business. Whether it's taxes, regulations or some other requirement that we, as business people, are obliged to abide by, compliance is essential to avoiding legal actions and getting our jobs done without interference.

    Sometimes laws might even change the structure of your business. There's one pending in the US Senate right now, in fact, that hasn't gotten a lot of exposure but could change the composition of your board of directors and their responsibilities.

    The Cybersecurity Disclosure Act of 2015 (S.2410 of the 114th Congress) is a law proposed on Dec. 15, 2015 which states that if your business is publicly held (shares of your stock are sold on the open exchanges such as NYSE, NASDAQ and others) your official filings with the Securities Exchange Commission (SEC) must state who on the board is a cybersecurity expert. Moreover, if your board doesn't have a designated cybersecurity, you'll have to explain why.

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