SEC | Breaking Cybersecurity News | The Hacker News

The Loper Bright decision has yielded impactful results: the Supreme Court has overturned forty years of administrative law, leading to potential litigation over the interpretation of ambiguous laws previously decided by federal agencies. This article explores key questions for cybersecurity professionals and leaders as we enter a more contentious period of cybersecurity law. Background What is the Loper Bright Decision? The Loper Bright decision by the U.S. Supreme Court overruled the Chevron deference , stating that courts, not agencies, will decide all relevant questions of law arising on review of agency action. The Court held that because the Administrative Procedure Act (APA)'s text is clear, agency interpretations of statutes are not entitled to deference. The ruling emphasized that courts must exercise independent judgment in deciding whether an agency has acted within its statutory authority. This decision shifts the power of statutory interpretation from federal agencies ...

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 apa...

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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...

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 Decentral...