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SEC: Companies Should Disclose Cyber Attacks


June 9, 2011

In a letter to Senate Commerce Committee Chairman Jay Rockefeller (D-WV), the U.S. Securities and Exchange Commission (SEC) said that publicly traded companies should notify investors about cyber attacks that present a "specific and material risk," Bloomberg reports. SEC Chairman Mary Schapiro told the senator that federal securities law requires that investors be notified of risks that could impact investment decisions, the report states. "I have asked the commission staff to provide me with a briefing on current disclosure practices," Schapiro wrote. Meanwhile, Sen. Richard Blumenthal (D-CT) has asked Sony to explain its latest breach incident. The AFP has reported that Sony shares have fallen as a result of recent cyber attacks affecting customer data. 
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