Amid growing alarm on Capitol Hill over cybersecurity and data privacy, new Senate legislation would require publicly traded companies to disclose in Securities and Exchange Commission (SEC) filings whether they have cybersecurity experts on their boards of directors – and if not, explain why.
Sen. Jack Reed, D-R.I., said his legislation is meant to encourage companies to be more transparent about whether and how their boards and senior management are prioritizing cybersecurity.
His bill – the Cybersecurity Disclosure Act – picked up support from several key lawmakers, such as Sen. Mark Warner, D-Va., one of the Senate’s leading voices on cyber policies and vice chairman of the Intelligence Committee. It also enjoys Republican support, with Sens. Susan Collins, R-Maine, and John Kennedy, R-La., signed on as co-sponsors. Continue Reading