Cyber Breach Reporting Needs Accountants, SEC Official Says

Accountants should step in to help companies vet whether cybersecurity breaches warrant public reporting under new SEC rules that kick in this month, a top commission official said Tuesday.

The cyber reporting rules, adopted in July, give publicly traded companies four days to inform investors of a cyberattack once corporate leaders have determined the breach could materially alter the company’s financial performance and that investors would consider it to be significant.

Accountants are comfortable with the concept of materiality under US securities laws but their cyber colleagues might not be, said Erik Gerding, director of the Division of Corporation ...