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SEC Says Companies Should Disclose Cyber Attacks

Schapiro says companies should reveal attacks that pose 'specific and material' risk.

By Kelly Riddell, Bloomberg | Updated on June 09, 2011

The Securities and Exchange Commission said publicly traded companies should disclose to investors the threat and potential impact of cyber attacks that pose a “specific and material” risk.

The SEC made its comments in a letter to Senator Jay Rockefeller, chairman of the Senate Commerce Committee, that was released Wednesday. Last month, Rockefeller and four other Democratic senators wrote a letter to SEC Chairman Mary Schapiro urging the agency to issue guidance on disclosure of data security risk, including “material network breaches,” attacks that may result in the theft of intellectual property or trade secrets.

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