Political Quotes

“today I am reintroducing the Cybersecurity Disclosure Act of 2017 along with two members of the Select Committee on Intelligence, Senator Collins, and the ranking member, Senator Warner. In response to data breaches of various companies that exposed the personal information of millions of customers, our legislation asks each publicly traded company to include--in Securities and Exchange Commission, SEC, disclosures to investors--information on whether any member of the board of directors is a cybersecurity expert, and if why having this expertise on the board of directors is not necessary because of other cyber security steps taken by the publicly traded company. To be clear, the legislation does not require companies to take any actions other than to provide this disclosure to its investors. Many investors may be surprised to learn that board directors who participated in the National Association of Corporate Directors, NACD, roundtable discussions on cyber security late in 2013 admitted that ``the lack of adequate knowledge of information technology risk has made it challenging for them to `effectively oversee management's cybersecurity activities.' '' More recently, in Deloitte's 10th Global Risk Management Survey of Financial Services Institutions, published this month, 42 percent of respondents considered their institution to be less effective in managing cybersecurity.…”