SEC Cybersecurity Disclosure Rule Creates Global Risk Challenges and Potential Liabilities, According to New QBE Article

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Oct 17, 2023, 12:06 ET

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- QBE North America, a global insurance leader, is pleased to announce the publication of its article, "Global Risk Implications of the SEC's Cybersecurity Regulation," which explores a global perspective of the Securities and Exchange Commission's (SEC) ruling on cybersecurity disclosure and the need to revise incident response plans, in Leader's Edge Magazine.

In July, the SEC adopted a final rule requiring the disclosure of material cybersecurity incidents and cyber risk management, strategy, and governance by public companies, including foreign private issuers. This article, sponsored by QBE, discusses the complicated compliance obligations of the ruling, as well as the importance of a comprehensive, clearly articulated, and regularly refreshed and tested cyber incident response plan.

The article also considers the likelihood that regulators in other countries may incorporate aspects of the SEC's final rule. Serene Davis, Global Head of Cyber at QBE, stated, "Although the ruling is U.S.-based, in a lot of cases what the U.S. does, other countries follow."

The new ruling creates complex challenges and potential liabilities, underscoring the importance of global businesses to develop risk mitigation strategies to meet requirements in partnership with their cyber insurers. "To provide accurate information [to regulators], and not too much or too little, it's important that global companies partner with their cyber insurer to include the differences in the reporting timeframes in their incident response plan," said Danielle Librizzi, Head of Professional Liability at QBE North America.

For more insights from QBE leaders on the global implications of the SEC's cybersecurity risk management, governance and reporting regulations, read the full article.

About QBE
QBE North America is a global insurance leader helping customers solve unique risks, so they can stay focused on their future. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in the first half of 2023 of $5 billion. QBE Insurance Group's results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn and Facebook.