SEC adopts rules to update cybersecurity incident reporting

The U.S. Securities and Exchange Commission announced the adoption of new rules pertaining to how public companies report cybersecurity incidents. The SEC will now require disclosures related to "material cybersecurity incidents (companies) experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance." SEC Chair Gary Gensler said the aim is to make disclosures "consistent, comparable, and decision-useful" for investors. Editor's note: The IAPP and KPMG released the Privacy Risk Study 2023 in June.