חיפוש
חיפוש

Increasing Cyber Threats: The Essential Role of New SEC Guidelines

Picture of Hedva Perlin

Hedva Perlin

Senior Manager | EY Consulting

Picture of Ariel Horowitz

Ariel Horowitz

Partner | Risk Business Consulting Leader

According to the EY 2023 Global Cybersecurity Leadership Insights Study, the known number of cyber-attacks has increased by approximately 75% over the past five years and ransomware costs are forecast to reach US$265 billion by 2031 up from US$20 billion in 2021. New, sophisticated adversaries are weaponizing the latest technology to increase the speed and scale of their attacks

The escalation in cyber-attacks underscores the pressing need for regulatory bodies to fortify cybersecurity measures across industries. In response to these concerning trends, regulatory agencies such as the SEC have amplified their focus on enhancing cybersecurity disclosures and standards, aiming to safeguard both corporate entities and the broader economic landscape.

Why has the SEC released additional cyber guidance?

According to the SEC, the previous disclosure was inconsistent and often mixed with other information, making it difficult to find. Furthermore, several ongoing trends elevate the prevalence and potential severity of cybersecurity threats

-An ever increasing share of economic activity is dependent on electronic systems. Disruptions to those system can have significant effect on registrants and, in the case of large-scale attacks, system effects on the economy as a whole.

-There has been a substantial rise in the prevalence of cybersecurity incidents, propelled by several factors, including:

+The increase in remote work spurred by the COVID-19 pandemic
+A growing dependence on third-party service providers for information technology services
+Rapid monetization of cyber-attacks facilitated by ransomware, black markets for stolen data and crypto asset technology

?What’s new in the SEC cybersecurity rules

לפרטים נוספים

Hedva Perlin

Ariel Horowitz

Scroll to Top