Cyber-Risk Quantification in the Material World

A cornerstone of US securities law, according to the Securities Act of 1933, is that public companies have an obligation to publicly disclose information that is significant or material to making informed investment decisions. While materiality has been ingrained in the US Securities and Exchange Commission’s (SEC) regulatory approach for almost 90 years, today the term “material” is often overused and even more often underdefined as it pertains to information outside of financial disclosures and accounting misstatements. Recent cyber trends have brought a different type of material event into the limelight...

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Vince Dasta is director of engagements at VisibleRisk.