September 7, 2023
By Nick Graham - Solution Architect – Public Sector, Skyhigh Security
The evolving landscape of cybersecurity threats and incidents has prompted regulatory bodies like the U.S. Securities and Exchange Commission (SEC) to adapt and enhance disclosure requirements for organizations. In response, Skyhigh Security presents a comprehensive solution to assist CISO’s at respondent organizations in complying with the SEC’s adopted amendments. This blog outlines how Skyhigh Security can help organizations navigate the complexities of disclosing material cybersecurity incidents and risk management processes, while avoiding counterproductive actions.
Assembling the Data
Effective disclosure begins with the ability to aggregate, analyze, and present relevant data. Skyhigh Security’s platform offers robust data aggregation capabilities, allowing organizations to gather information from various sources, including network logs, security tools, and threat intelligence feeds. This ensures that organizations possess a holistic view of cybersecurity incidents, aiding in accurate disclosure preparation.
Augmenting Incident Response Governance
Skyhigh Security enhances incident response governance by providing real-time incident monitoring and automation. Organizations can establish predefined workflows that trigger alerts, notifications, and actions based on the severity of incidents. This proactive approach accelerates incident resolution and mitigates potential damage. Additionally, Skyhigh Security integrates with existing incident response frameworks, bolstering collaboration among cross-functional teams.
Reporting Early and Often
The SEC emphasizes the importance of prompt disclosure of cybersecurity incidents. Skyhigh Security enables organizations to quickly identify and categorize incidents, aiding in timely reporting. The platform’s automated reporting features facilitate consistent and accurate documentation of incidents, ensuring that regulatory timelines are met.
Providing Updates on Risk Management
Skyhigh Security’s continuous monitoring capabilities align with the SEC’s requirement to provide updates on risk management. By tracking emerging threats and vulnerabilities, organizations can proactively adjust their risk management strategies. Skyhigh Security’s analytics enable the identification of trends, helping organizations refine risk assessments and response plans.
Defining Governance Structures
To achieve effective cybersecurity governance, organizations can utilize the Responsible, Accountable, Consulted, and Informed (RACI) chart. Skyhigh Security aids in defining clear roles and responsibilities within the cybersecurity function. By mapping out who is responsible, accountable, consulted, and informed in various processes, organizations ensure transparent decision-making and accountability.
Avoiding Counterproductive Actions
While assisting organizations in compliance, Skyhigh Security assists CISO’s by ensuring that certain counterproductive actions are avoided:
- Do not perform assessments of materiality: Skyhigh Security does not make subjective assessments of incident materiality. Instead, it provides objective data to aid decision-makers in evaluating the potential impact.
- Do not assess the materiality of a cybersecurity risk or threat: Skyhigh Security focuses on presenting data-driven insights into risks and threats, empowering organizations to assess materiality based on their business context.
- Do not assume authority or responsibility beyond defined purview: Skyhigh Security aligns with the defined management purview of the Chief Information Security Officer (CISO), avoiding overreach while enhancing collaboration.
- Do not “overshare”: Skyhigh Security facilitates accurate and relevant disclosure without disclosing sensitive or unnecessary information, maintaining compliance without oversharing.
Skyhigh Security offers organizations a comprehensive solution to comply with the SEC’s amended rules on disclosing cybersecurity incidents and risk management. By assisting in data assembly, incident response governance, timely reporting, risk management updates, and governance structures, Skyhigh Security empowers organizations to navigate regulatory requirements effectively. Furthermore, by avoiding counterproductive actions, Skyhigh Security ensures compliance without unnecessary risks. As the cybersecurity landscape continues to evolve, organizations can rely on Skyhigh Security as a steadfast partner in their compliance journey. To learn more about Skyhigh Security, request a demo today.
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