United States of America: SEC proposes amendments to its rules on cybersecurity disclosures for public companies

On 9 March 2022, the Securities and Exchange Commission (SEC) proposed several amendments to its rules for public companies regarding cybersecurity risk management disclosures and opened a public consultation until 9 May 2022. In particular, the amendments would require companies to report cybersecurity incidents and follow up with periodic reports regarding those incidents. Furthermore, the companies would be required to provide SEC periodic reporting on its policies and procedures regarding the management of cybersecurity risks. Finally, the amendments would require companies to report and disclose the company’s board of directors' expertise on cybersecurity issues.