In a recent audio discussion, Wiley’s cyber team has suggested potential solutions for improving cyber incident reporting, in the light of a new report by the Department of Homeland Security (DHS). The report, destined for Congress, addresses issues currently challenging the reporting of cyber incidents, notably the duplication of reporting regimes.
At present, more than 50 reporting requirements are spread over 20 different agencies. Both federal agencies and private sector companies should take into account this issue. DHS’s report urges them to look for strategies to mitigate these burdensome obligations that risk over-complication and confusion.
Harmonization of these requirements, however, is predicted to be increasingly difficult. This is especially the case since the Securities and Exchange Commission (SEC) recently finalized some contentious new reporting mandates. Meanwhile, the DHS is said to be in the process of developing significant new reporting rules of its own. Other agencies are also believed to be preparing to roll out additional guidelines.
As corporations worldwide are becoming more plugged into the digital arena, robust protocols for reporting cyber incidents are vital. In a climate where cyber threats are perennially evolving, efficient and effective reporting mechanisms are essential for comprehensive risk management strategies. Thus, in the face of increasingly complicated reporting rules, legal professionals need to be alert and adaptive, and seek the most practical methods to address this issue.