A group of legislators introduced last week a measure designed to bolster greater cyber transparency, security, and data privacy initiatives.
Sens. Jack Reed (D-RI), Susan Collins (R-ME), Mark Warner (D-VA), John Kennedy (R-LA) and Doug Jones (D-AL) said the Cybersecurity Disclosure Act of 2019 would help inform consumers and shareholders by increasing transparency and serve as a tool to urge more reliable strategies to counter cyberattacks. It is supported by consumer advocates, investors, and securities law experts.
“Cybersecurity is one of the most significant and enduring challenges that all businesses, across industries, face and should be accounted for as part of the corporate risk management process. With growing cyber threats, we must be proactive in bolstering our nation’s cybersecurity,” Reed, the ranking member of the Senate Armed Services Committee and a senior member of the Senate Banking Committee, said. “This legislation advances that goal by encouraging publicly traded companies to be more transparent about whether and how their Boards of Directors and senior management are prioritizing cybersecurity.”
Reed maintains as the nation’s economy becomes more dependent on technology and the Internet, economic security is a matter of national security.
“As cyberattacks become increasingly common, Congress must take action to better protect Americans from hackers attempting to steal sensitive data and personal information,” Collins, a member of the Senate Intelligence Committee, said. “This bipartisan bill strengthens our nation’s cybersecurity by requiring companies to disclose to the public the basic steps they are taking to prevent cyberattacks.”