Political Quotes

“Mr. President, today I am pleased to be introducing the Cybersecurity Disclosure Act of 2015 with Senator Collins. In response to data breaches by various companies, which exposed the personal information of millions of customers, this bill 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 not, why having this expertise on the Board of Directors is not necessary because of other cybersecurity steps taken by the publicly traded company. 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 National Association of Corporate Directors roundtable discussions on cybersecurity 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.' Participating board members also suggested that `without sound knowledge of--or adequate sensitivity to--the topic, directors cannot easily draw the line between oversight and management,' and that once in the technical `weeds,' directors `find it difficult to assess the appropriate level of [the board's] involvement in risk management.' '' Investors and customers deserve a clear understanding of whether publicly traded com…”