Press Room

New York, NY, April 12, 2024—Securities and Investment Management Partner Mark Shaffer was quoted by S&P Global in an article discussing the heightened compliance regarding cybersecurity rules and disclosures for banks and financial services institutions. Mark comments on the gray area between companies determining whether cybersecurity incidents are material enough to report, and how the risk of not reporting puts companies at risk of securities lawsuits. Mark also comments on the varying state cybersecurity regulations that adds to the complexity of when, and if, disclosure is necessary.

Commenting on the difficulty of determining whether an incident is material, Mark offered, "From a public company perspective … you never want to be … in possession of material information that you haven't shared with the market, because then you're opening yourself up for securities lawsuits," and went on to add, "Where a lot of the conversation is now is, what do you have to disclose? And who do you have to disclose it to and when? And that gets really complicated because there's both federal rules and every state has slightly different laws."

Read the article.

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