In this episode of the CISOPlatform QnA, we dived into the recent Securities and Exchange Commission rules or SEC rules, that are setting a new standard for cybersecurity incident reporting, and Denise, our very own community manager at CISOPlatform joined us to share her insights that she gathered from our CISO Platform community. Here is a transcript of the discussion.
Priyanka Aash (Host, Co-founder CISOPlatform): Hey everyone, welcome back to another episode of CISOPlatform Podcast! I'm Priyanka Aash, your host, and today we have a fascinating topic lined up that's been making waves in the cybersecurity world. We're diving into the recent Securities and Exchange Commission rules or SEC rules, that are setting a new standard for cybersecurity incident reporting, and joining us to share her insights is our very own community manager at CISOPlatform, Denise Bailey. Denise, great to have you here!
Denise Bailey (Guest, Community Manager, CISOPlatform): Thanks, Priyanka! It's always a pleasure to be on the podcast, especially when we're discussing such a pivotal advancement in safeguarding the interests of US public companies.
Priyanka Aash: Absolutely, Denise! The new SEC rules have really caught everyone's attention. Could you break it down for our listeners? What's the essence of these regulations?
Denise Bailey: Of course, Priyanka. So, these SEC rules introduced by the Securities and Exchange Commission are a significant leap forward in ensuring the security of US public companies. They lay out a comprehensive framework that demands rapid disclosure of cybersecurity incidents within just four days. Now, what's really interesting here is that companies are also required to articulate their cybersecurity posture, basically explaining how they manage risks, while boards of directors are now mandated to provide insight into their cybersecurity oversight and expertise. It's a move towards unprecedented transparency and accountability.
Priyanka Aash: Transparency and accountability indeed, Denise. Now, you've had the opportunity to interact with CISOs and security experts through our community at CISOPlatform. What's been the initial reaction to these rules?
Denise Bailey: Priyanka, it's been quite a mix of opinions and emotions. Some CISOs view this as a necessary step to ensure that companies are proactively addressing cybersecurity incidents, while others have raised concerns about the practicality of the four-day reporting window. Interestingly, a good number of companies, even those initially hesitant, are realizing that this might be a blessing in disguise. These new regulations can serve as a sort of litmus test for potential business partners, aiding due diligence efforts when evaluating partnerships, M&A deals, and supplier criteria.
Priyanka Aash: That's an intriguing perspective, Denise. Now, from your interactions, have there been any specific points of contention or areas where folks are seeking more clarity?
Denise Bailey: Absolutely, Priyanka. It's a valid question, and I think CISOs are looking for more guidance in this regard. Additionally, there's a recognition that while initial reports can be made within four days, the complete scope and impact of an incident might take longer to fully understand. This raises questions about how much detail can realistically be provided within that initial window.
Priyanka Aash: Those are valid concerns, Denise. Now, you mentioned earlier that these regulations might encourage companies to build strong cybersecurity programs integrated with board support. Can you elaborate on how this might play out?
Denise Bailey: Absolutely, Priyanka. These rules essentially challenge the status quo of cybersecurity preparedness. Companies will no longer be able to rely on flimsy foundations when it comes to protecting customer and shareholder interests. The boards of directors will need to demonstrate their active involvement and expertise in cybersecurity matters. This could potentially lead to a shift in how companies approach risk management and cybersecurity strategy, with a greater emphasis on collaboration and robust preparedness.
Priyanka Aash: Collaboration and preparedness, two crucial aspects indeed, Denise. Now, looking ahead, what do you see as the key takeaways from these SEC rules? How do you think they'll impact the cybersecurity landscape moving forward?
Denise Bailey: Priyanka, the key takeaway here is that these rules are set to instigate a profound shift in how cybersecurity incidents are reported, managed, and overseen. This level of transparency and accountability will likely elevate the importance of cybersecurity discussions within boardrooms and across organizations. We might also witness a ripple effect as other industry regulations and standards begin to adopt similar principles. In essence, these rules are poised to catalyze a fundamental improvement in cybersecurity practices, benefitting everyone involved in the process.
Priyanka Aash: Well said, Denise. It's clear that these SEC rules are stirring up some real conversations and sparking change. Thank you so much for joining us today and shedding light on this significant development.
Denise Bailey: Thank you, Priyanka, for having me. It's been a pleasure discussing this with you and I'm looking forward to seeing how these rules reshape the cybersecurity landscape in the coming months.
Priyanka Aash: Absolutely, Denise. And to all our listeners out there, stay tuned for more insightful conversations on all things cybersecurity, right here on CISOPlatform Podcast. Until next time, stay secure!