How should companies respond to and report data security breaches nationally? What cybersecurity practices and procedures reflect current best practices? Two federal agency actions provide new rules and guidance and show that the cybersecurity landscape is changing. First, the U.S. Securities and Exchange Commission (SEC) adopted new rules earlier this month that will (among other things) require publicly-traded companies to disclose “material” cybersecurity incidents on SEC Form 8-K within four business days and make certain cybersecurity disclosures. Second, the National Institute of Standards and Technology (NIST) recently released its latest Cybersecurity Framework, which now includes a section on corporate governance. Cybersecurity issues are directly related to environmental and social governance (ESG) reporting issues and are increasingly important to businesses from a compliance and governance standpoint. The new SEC requirements have garnered industry criticism, and industry organizations are seeking a delay in the September 5, 2023, effective date. Read the full article here.