Episode Summary
In this episode, Special Advisor for Cyber Risk at the NACD, Christopher Hetner, returns to the show to discuss the new SEC cybersecurity rules. Chris has over 25 years of experience in cybersecurity, helping protect industries, infrastructures, and economies, serving in roles including as SVP of Information Security at Citi, Senior Cybersecurity Advisor to the Chairman of the US SEC, Executive Member of IANS, the National Board Director of the Society of Hispanic Professional Engineers, Senior Advisor for the Chertoff Group, Senior Advisor to the CEO of Stuart Levine & Associates, and Co-Chair of Nasdaq Cybersecurity and Privacy.
Today, Chris talks about the developments since January 2023, the timeframe requirements in practice, and normalizing cybersecurity incidents as business-as-usual. What is Inline XBRL? Learn how startups could prepare themselves for these changes, the scope of disclosure, and how risk management strategies might evolve to address Cloud-specific threats.
Timestamp Segments
· [02:36] What has changed since January?
· [06:49] Why things changed.
· [08:51] Was it a good move?
· [12:27] Determining the materiality of cybersecurity incidents “without unreasonable delay.”
· [17:49] Is 4 days enough?
· [22:19] The scope of disclosure.
· [24:09] Normalizing cybersecurity incidents.
· [26:24] Moving toward real-time monitoring.
· [28:52] Is insurance becoming a forcing function?
· [32:18] Evolving risk management strategies.
· [36:05] Third-party disclosure requirements
· [39:51] How do startups prepare?
· [41:52] What is Inline XBRL?
· [42:54] Inline XBRL to 8-k.
· [43:30] How the tagging requirement impact the disclosure process.
Notable Quotes
· “The magnitude of these events is the percentage of the event relative to revenue.”
· “We’re going to see market forces drive these safety standards within our enterprises.”
Relevant Links
LinkedIn: Christopher Hetner
Resources:
https://www.sec.gov/news/press-release/2023-139.
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