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SEC | Breaking Cybersecurity News | The Hacker News

The SEC Won't Let CISOs Be: Understanding New SaaS Cybersecurity Rules

The SEC Won't Let CISOs Be: Understanding New SaaS Cybersecurity Rules

Jan 31, 2024 SaaS Security / Regulations
The SEC isn't giving SaaS a free pass. Applicable public companies, known as "registrants," are now subject to cyber incident disclosure and cybersecurity readiness requirements for data stored in SaaS systems, along with the 3rd and 4th party apps connected to them.  The new cybersecurity mandates  make no distinction between data exposed in a breach that was stored on-premise, in the cloud, or in SaaS environments. In the SEC's own words: "We do not believe that a reasonable investor would view a significant data breach as immaterial merely because the data are housed on a cloud service." This evolving approach comes as SaaS security shortcomings continually make headlines and tech leaders debate  how the SEC may change cybersecurity  after charging both SolarWinds and its CISO with fraud.  Why SaaS and SaaS-to-SaaS Connection Risks Matter to the SEC — And To Your Organization  The perception and reality of SaaS security are, in many cases, miles apart. SaaS security leader  App
New SEC Rules Require U.S. Companies to Reveal Cyber Attacks Within 4 Days

New SEC Rules Require U.S. Companies to Reveal Cyber Attacks Within 4 Days

Jul 27, 2023 Data Breach / Cyber Attack
The U.S. Securities and Exchange Commission (SEC) on Wednesday approved new rules that require publicly traded companies to publicize details of a cyber attack within four days of identifying that it has a "material" impact on their finances, marking a major shift in how computer breaches are disclosed. "Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors," SEC chair Gary Gensler  said . "Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way." To that end, the new obligations mandate that companies reveal the incident's nature, scope, and timing, as well as its impact. This disclosure, however, may be delayed by an additional period of up to 60 days should it be determined that giving out such specific
Cybersecurity Tactics FinServ Institutions Can Bank On in 2024

Cybersecurity Tactics FinServ Institutions Can Bank On in 2024

Feb 14, 2024Financial Security / Cyber Threats
The landscape of cybersecurity in financial services is undergoing a rapid transformation. Cybercriminals are exploiting advanced technologies and methodologies, making traditional security measures obsolete. The challenges are compounded for community banks that must safeguard sensitive financial data against the same level of sophisticated threats as larger institutions, but often with more limited resources. The FinServ Threat Landscape Recent trends show an alarming increase in sophisticated cyber-attacks. Cybercriminals now deploy advanced techniques like deep fake technology and AI-powered attacks, making it increasingly difficult for banks to differentiate between legitimate and malicious activities. These developments necessitate a shift towards more sophisticated and adaptive cybersecurity measures. Take these industry statistics, for example. Financial firms report 703 cyberattack attempts per week.1 On average, 270 attacks (entailing unauthorized access of data, appl
SEC Plans to Hire More Staff in Crypto Enforcement Unit to Fight Frauds

SEC Plans to Hire More Staff in Crypto Enforcement Unit to Fight Frauds

May 04, 2022
The U.S. Securities and Exchange Commission (SEC) on Tuesday announced that it will expand and rebrand its Cyber Unit to fight against cyber-related threats and protect investors in cryptocurrency markets. To that end, the SEC is renaming the Cyber Unit within the  Division of Enforcement  to Crypto Assets and Cyber Unit and plans to infuse 20 additional positions with the goal of investigating wrongdoing in the crypto markets. The goal, per the agency, is to tackle cryptocurrency fraud and crackdown on  malicious actors  attempting to profit from crypto marketplaces. The Cyber Unit was  instituted  in September 2017 with a focus on addressing cyber-based threats and protecting retail investors. But given the dramatic evolution of the digital assets markets in recent years, the new unit is expected to focus on securities law violations pertaining to - Crypto asset offerings Crypto asset exchanges Crypto asset lending and staking products Decentralized finance (DeFi) platforms
cyber security

The Critical State of AI in the Cloud

websiteWiz.ioArtificial Intelligence / Cloud Security
Wiz Research reveals the explosive growth of AI adoption and what 150,000+ cloud accounts revealed about the AI surge.
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