Cybersecurity has rapidly become a top priority for organizations across industries. With the increasing frequency and severity of cyber threats, regulatory bodies are stepping up their efforts to ensure that companies have robust cybersecurity measures in place.
In July 2023, the SEC issued a new disclosure rule related to cybersecurity that applies to all SEC registrants reporting under the Securities Exchange Act of 1934. The new SEC cyber disclosure rule requires SEC registrants to comply with expanded disclosure requirements beginning with annual reports for fiscal years ending on or after December 15, 2023. These new rules for cybersecurity have significant implications for organizations' threat intelligence programs. In this blog post, we will explore the key aspects of the new SEC rules and discuss how Cybersixgill can help organizations meet these critical needs.
Understanding the New SEC Rules for Cybersecurity:
The new SEC rules for cybersecurity aim to enhance the protection of sensitive information and improve the overall cybersecurity posture of organizations. These rules require companies to establish comprehensive cybersecurity programs and implement effective controls to safeguard their systems and data. Some key provisions of the new rules include:
Governance and Oversight: Companies are required to have a governance structure that includes board members and management team members with cybersecurity expertise. This ensures that cybersecurity is given due attention at the highest levels of the organization.
Incident Response and Reporting: Companies must have formalized processes for managing and reporting cybersecurity incidents, involving legal, IT, and external support as necessary. Timely disclosure of material cybersecurity incidents is also a key requirement.
Third-Party Risk Management: The new rules highlight the need for organizations to assess and manage the cybersecurity risks associated with their third-party vendors and service providers. This includes conducting due diligence and implementing appropriate controls to mitigate these risks.
Contextualization: This involves understanding the implications of these rules and their impact on business continuity and operational resilience. Contextualization is crucial in providing decision makers and stakeholders with essential information about threat activity. It helps them understand the nature, scale, and scope of threat actor operations, as well as the motivations driving these actors. By considering these contextual factors, employees can make informed decisions and develop effective strategies to mitigate threats.
Impact on Threat Intelligence Programs:
The new SEC rules have a direct impact on organizations' threat intelligence programs. Threat intelligence plays a crucial role in identifying and mitigating cyber threats, and organizations need to ensure that their programs align with the new regulatory requirements.
According to a recent article by PWC¹, “Without sound threat intelligence, it would be challenging to comply with the new SEC rule on disclosing material cyber incidents…stronger threat intelligence means more informed decisions about cyber risk management and SEC cyber disclosures.”
Some key areas of impact include:
Enhanced Monitoring and Detection: Organizations need to strengthen their monitoring and detection capabilities to identify potential cyber threats promptly. This requires comprehensive threat intelligence that provides real-time insights into emerging threats, vulnerabilities, and indicators of compromise.
Incident Response Planning: Threat intelligence can help organizations develop effective incident response strategies by providing actionable intelligence on threat actors, their tactics, techniques, and procedures (TTPs), and the latest attack vectors.
Third-Party Risk Assessment: With the increased focus on third-party risk management, organizations need to assess the cybersecurity posture of their vendors and service providers. Threat intelligence can provide valuable insights into the security practices and vulnerabilities of third parties, enabling organizations to make informed decisions and mitigate potential risks.
Cyber risk contextualization: The SEC rules require organizations to disclose material cybersecurity incidents and provide in-depth details about their cybersecurity risk management, strategy, and governance. By analyzing and contextualizing threat intelligence, organizations can proactively identify and respond to potential cyber threats, reducing the risk of successful attacks.
Cybersixgill: Empowering Threat Intelligence Programs:
Cybersixgill is a leading provider of threat intelligence solutions that can help organizations meet the critical needs outlined in the new SEC rules for cybersecurity. We undertake this by providing::
Comprehensive Dark Web Monitoring: Cybersixgill's Dark Web intelligence capabilities enable organizations to monitor underground forums, marketplaces, and social media platforms where cybercriminals operate. This proactive approach helps identify potential threats and vulnerabilities before they are exploited, ensuring organizations stay one step ahead of cybercriminals.
Real-time Threat Detection and Analysis: Cybersixgill's automated threat detection and analysis capabilities provide organizations with real-time insights into emerging threats. By continuously monitoring and analyzing vast amounts of data from various sources, including the dark web, Cybersixgill enables threat intelligence teams to identify and prioritize threats based on their potential impact.
Incident Response and Remediation: In the event of a cybersecurity incident, Cybersixgill's threat intelligence platform facilitates effective incident response and remediation. By providing actionable intelligence and context about the threat actors, their tactics, techniques, and procedures (TTPs), organizations can respond swiftly and effectively, minimizing the impact of the incident.
Risk Contextualization: The new SEC Rules for Cybersecurity emphasize the importance of contextualization in assessing and managing cybersecurity risks. Cybersixgill's Attack Surface Management solution provides organizations with a comprehensive view of their digital footprint, identifying potential vulnerabilities and threats, and enabling proactive risk mitigation.
Compliance and Reporting: The new SEC rules emphasize the importance of disclosure controls and processes. Cybersixgill's threat intelligence platform enables organizations to automate the evaluation of material impact, involve legal and IT teams, and notify the board as required. This streamlines the compliance process and ensures timely and accurate reporting to meet regulatory obligations.
As organizations navigate the evolving cybersecurity landscape and adapt to the new SEC rules, having a robust threat intelligence program is essential. Cybersixgill offers comprehensive solutions that empower organizations to enhance their threat intelligence capabilities, align with regulatory requirements, and stay ahead of emerging cyber threats.
By leveraging our threat intelligence, organizations can enhance their incident management capabilities. They can quickly detect and respond to cybersecurity incidents, strengthen their cybersecurity posture, improve their risk management processes, and ensure compliance with the new SEC rules.
This article was created using Cybersixgill IQ, our generative AI capability that supports teams with instant report writing, simplifies complex threat data and provides 24/7 assistance, transforming cybersecurity for every industry and every individual, at every level.