At a glance.
- SEC continues to focus on financial sector's cyber disclosure.
- US considers cybersecurity for regulated utilities.
SEC focuses on finance sector cybersecurity.
On February 9, the US Securities and Exchange Commission proposed new rules for revamping the cybersecurity of the financial services sector. As JDSupra explains, the plan covers three key areas: cyber preparedness, reporting of cyberincidents to the SEC, and disclosure of cyber protocols to the public. ExecutiveGov reports a bipartisan group of US senators have urged the commission to require publicly traded companies to disclose whether their boards of directors include cybersecurity experts. As noted in the senators’ letter to the SEC, the hope is “to encourage directors to play a more effective role in cybersecurity risk oversight.” Financial services firms are being advised to review their cybersecurity protocols with the SEC’s guidance in mind and determine what improvements need to be made in order to better comply with their rules and suggestions. As SEC chairman Gary Gensler states, the goal is ensure that these firms can maintain critical operations in the case of a significant cyberincident, and also to give clients and investors a better understanding of their cyber risks.
National Cyber Director addresses NARUC.
The National Association of Regulatory Utility Commissioners (NARUC) gathered for their winter policy summit on Monday, and National Cyber Director Chris Inglis was in attendance to discuss prioritizing cybersecurity for utilities services that support the country’s critical infrastructure. As Inglis explained, “It's a capital exercise. And if you haven't invested there, then you set yourself up for a really wild ride after the event.” Cost, of course, is a matter of concern, but Utility Dive notes that the recently established bipartisan infrastructure bill has designated $11 billion for the power grid. Virginia State Corporation Commission member Judith Jagdmann stated, “We're particularly interested in any monies that can find their way to help defray ratepayer costs. There's a big ask, for noble goals. And from my perspective, the number one impediment of reaching goals is ratepayer costs.”