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Volume 32, Issue 2

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Friday, 08 March 2019 16:21

Executive Accountability for Internal Cybersecurity Disclosure

ERP Maestro’s CEO Jody Paterson discusses cybersecurity risk disclosure and compliance and how executives are being held more personally accountable for nondisclosure as outlined by the SEC.

Companies face a multitude of risks and threats. Reporting them to stakeholders and investors is a requirement, and serious consequences may ensue for a failure to do so – for the company and, increasingly, for business leaders. It’s a liability no company wants and a personal disaster no executive wishes to encounter. To prevent such catastrophes for the latter, individuals need to understand how they may be accountable.

For public companies, disclosing business risks has long been mandatory on periodic reports, such as annual reports, 10-K forms, quarterly 10-Qs and 8-K current incident reports as needed.

As technology has become not only the primary offering of many companies, but also the norm for business operations and financial management, external risks, such as security breaches and cyberattacks, have been included in in the Security and Exchange Commission’s (SEC) risk reporting requirements.