TO: The Chairman, Securities and Exchange Commission
FROM: Securities and Exchange Commission
DATE: 6th March 2018
SUBJECT: Guidance on Public Company Cybersecurity DisclosuresIntroduction
Cybersecurity poses a significant threat to current businesses, investors as well as to the country at large. Technological advancements and increased integration of technology in the daily operations of companies have made it possible for unauthorized people to infiltrate and access information as well as resources through the internet. Following the recent statement by the Commission Public Company Cybersecurity Disclosures, it is essential that I bring the issues discussed to your attention. Banks and other financial service firms are significantly affected by the increased rate of cyber-crime as they handle vital information about accounts and credit cards which can lead to significant losses if malicious individuals access it. The economy of the United States entirely depends on the security of the various information and communication systems that facilitate the undertaking of essential transactions and communication. Companies are currently highly reliant on technology to carry out their day to day operations as well as to link with customers and other stakeholders. The digital connectivity enhanced by technology and the internet makes a business vulnerable to cyber-attacks and hacking. Cybercrimes have significantly increased in the recent past which include; both unintentional infiltration by insiders and external attacks by cybercriminals, hackers, and competitors.
Vulnerability of Firms
Hackers use sophisticated technologies and applications such as malware, phishing and even stealing of credentials to gain access to gain access to networks and trigger denial of service programs that cripple the standard functionality of a networked system. Cybercrimes aim at the destruction of information records and financial asset theft as well as access to vital informatio...
No More Academic Problems! Place Your Order and Let the Pros Do It for You!