Does the company use technology to prevent data breaches? What steps has the company taken to mitigate the risks posed by the Equifax Data breach?
The company should ensure that the cyber risk team reviews company technology regularly, ensuring that cybersecurity tools are current and efficient.
How many and what types of cyber incidents does the company detect in a normal month?
Identifying potential incidents is necessary to facilitate the development of mitigation measures.
What are the current level and business impact of cyber risks to the company?
It is crucial to identify the impact of any incident to the business.
Does the company have a comprehensive cybersecurity program that incorporates specific policies and procedures?
The company should have cybersecurity programs that align with industry standards that are audited regularly to ensure internal compliance and effectiveness.
Has management taken necessary measures to minimize cyber risks when working with third parties such as Facebook?
The organization should create a third-party agreement that identifies how the vendor will protect sensitive data and how it will inform the company of compromised data.
Can the company rapidly contain damages and mobilize response resources when a cyber incident occurs?
Mobilizing response resources rapidly is necessary for curbing the severity of the risk posed to the company.
How comprehensive is the company's cyber incident response plan? How often is it tested?
The response plan should be tested regularly to ensure effectiveness in mitigating cyber risks.
Has the company conducted a thorough risk assessment and considered purchasing cyber liability insurance?
The company should identify potential gaps regarding cyber risks and acquire an insurance policy that meets its specific needs.
Has the management team availed adequate employee training to ensure sensitive data is handled correctly?
Companies should have training programs that foster cyber awareness among employees.
Does the organization have a cyber-focused mindset and cyber-conscious culture?
A cyber-conscious culture is a necessity for any organization that seeks to overcome cyber threats.
Cyber Disclosures Outline
The main items that the SEC expects from companies in terms of cyber risk disclosure can be divided into three categories:
General disclosure guidance
Specific disclosure guidance
Corporate governance and compliance
The four expectations of the commission in the general disclosure guidance include;
SEC expects companies to consider the materiality of cybersecurity risks and incidents when preparing disclosures.
SEC expects companies to avail disclosure that is structured to their particular cybersecurity risks and incidents.
SEC expects companies to make appropriate disclosure timely and sufficiently.
SEC expects firms to uphold their duty to correct prior disclosure that the company determines was untrue at the time it was made.
Expectations regarding specific disclosure guidance include;
Risk factors: Items 503(c ) of Regulation S-K and items 3.D of Form 20-F require firms to disclose the most significant aspects that make investments in the company's securities risky.
Management's Discussion and analysis in SEC filings require a discussion of events, trends or uncertainties that are likely to have a material effect on a company's results of operations, financial condition or liquidity.
The description of business section requires companies to avail appropriate disclosure if cybersecurity affects their products, services, relationship with customers and suppliers, and competitive conditions.
Item 103 of Regulation S-K requires companies to disclose information regarding material pending legal proceedings to which they or their subsidiaries are a party.
The SEC also expects companies to design their financial reporting and control systems to provide reasonable assurance that information concerning the range and magnitude of financial impacts of a cybersecurity incident would be incorporated into its financial statements on a timely basis.
In corporate governance and compliance:
SEC expects companies to adopt comprehensive policies and procedures related to cybersecurity and to assess their compliance regularly.
The Commission expects companies, their directors, officers, and corporate insiders to be mindful of complying with the laws related to insider trading in connection with information regarding cybersecurity risks and incidents.
SEC expects companies to have policies and procedures to ensure that any disclosures of material nonpublic information regarding cybersecurity risks are not mad selectively and that any Regulation FD required public disclosure is made simultaneously.
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