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CF Disclosure Guidance: Topic No. 2: Cybersecurity

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Citation Edit

Securities and Exchange Commission, CF Disclosure Guidance: Topic No. 2: Cybersecurity (Oct. 13, 2011) (full-text).

Overview Edit

This guidance provides the SEC Division of Corporation Finance's views regarding disclosure obligations relating to cybersecurity risks and cyber incidents.

Although no existing disclosure requirement explicitly refers to cybersecurity risks and cyber incidents, a number of disclosure requirements may impose an obligation on registrants to disclose such risks and incidents. In addition, material information regarding cybersecurity risks and cyber incidents is required to be disclosed when necessary in order to make other required disclosures, in light of the circumstances under which they are made, not misleading. Therefore, as with other operational and financial risks, registrants should review, on an ongoing basis, the adequacy of their disclosure relating to cybersecurity risks and cyber incidents.
Depending on the registrant’s particular facts and circumstances, and to the extent material, appropriate disclosures may include:
  • Discussion of aspects of the registrant’s business or operations that give rise to material cybersecurity risks and the potential costs and consequences;
  • To the extent the registrant outsources functions that have material cybersecurity risks, description of those functions and how the registrant addresses those risks;
  • Description of cyber incidents experienced by the registrant that are individually, or in the aggregate, material, including a description of the costs and other consequences;
  • Risks related to cyber incidents that may remain undetected for an extended period; and
  • Description of relevant insurance coverage.

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