Probely: Your Next Steps in AppSec for SEC Cybersecurity Disclosure Requirements

Probely: Your Next Steps in AppSec for SEC Cybersecurity Disclosure Requirements

Public companies in the United States have been aware of the SEC tightening down on reporting security incidents for some time now. With compliance deadlines here, the reality of the situation is becoming more apparent. This piece serves as a recap and checklist for both public and private businesses on what to focus on now that the SEC disclosure rules are in effect, complementing a recent webinar on SEC Cybersecurity Ruling.

Common Application Security Challenge

Viewing the SEC incident disclosure requirements from an application security standpoint reveals numerous challenges. The lack of application security oversight combined with the complexity of application environments poses significant considerations.

The absence of web/application testing across the entire application ecosystem is a common issue. Additionally, the lack of integration of security and incident response within the software development lifecycle, reliance on paperwork such as security policies and incident response plans for a false sense of security, and inadequate personnel involvement all highlight the importance of incorporating application security into the SEC incident disclosure conversation.

Your application security efforts should be integrated into your incident response and overall business continuity plans to avoid negative outcomes resulting from exclusion.

The enforcement teeth are Starting to Show

The SEC’s enforcement of disclosure requirements carries weight, illustrated by recent charges against a CISO for fraud following a security incident. This prompts questions on the impact on the CISO role, the support CISOs receive, and the allocation of risk post-incident.

Top things you can do right now to get your business on board

Public companies must now disclose material security incidents within four days in an 8-K report, imposing aggressive timing requirements. Foreign Public Entities (FPIs) face similar obligations regarding cybersecurity disclosures in foreign jurisdictions.

To comply with SEC requirements, consider essential steps like collaborating with legal counsel, identifying material risks, addressing basic information security practices, and establishing and managing incident response efforts.

Next steps for you and your business

Prepare to meet SEC incident disclosure requirements by understanding specific obligations, focusing efforts, involving relevant stakeholders, and enhancing compliance measures at the board level.

Moving forward: more of the same or a new security reality?

The future enforcement of SEC requirements remains uncertain, emphasizing the importance of proactive measures to address security incidents effectively. Enhancing information security programs, particularly incident response and application security, can help organizations stay ahead of potential challenges.

Take charge of fine-tuning your information security program now to mitigate the impact of incidents and ensure compliance with SEC requirements. Being prepared in advance can help organizations navigate security challenges more effectively when they arise.

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Copyright © TSP 2024. All rights reserved. Designed by Enovate LLC