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Blackfog Comment: New SEC Rules Require U.S. Companies to Reveal Cyber Attacks Within 4 Days

July 2023 by Dr Darren Williams, CEO and Founder of Blackfog

Following the new SEC rules, the commentary from Dr Darren Williams, CEO and Founder of Blackfog:

"These new regulations should dramatically change the way companies report breaches since they are now mandatory requirements. BlackFog has tracked the ratio of reported to unreported ransomware since January of 2023 and has typically seen a 10:1 ration of unreported to reported attacks. We hope to see this drop dramatically with these mandatory reporting rules. Data exfiltration is the preferred tactic of virtually all ransomware today (89%) and something that nearly all companies have overlooked. Consequently, attacks are now at an all-time high and organisations have not kept pace with new methods to prevent these attacks. We hope these rules stop the general trend in trying to hide any attacks for fear of retribution as well as stop ransomware payments to cybercriminals in the process.”


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