The Securities and Exchange Commission (SEC) said companies should beef up their cybersecurity infrastructure amid the public’s expanded use of e-commerce as a result of the coronavirus disease 2019 (COVID-19) pandemic.
The SEC released a notice encouraging corporations to assess their exposure to cybersecurity risks and craft the appropriate policies and measures, in light of recent reports of hacking incidents.
The SEC said companies’ boards of directors and senior management teams should ensure they “understand and can effectively confront the cybersecurity risks faced by corporations.”
The corporate governance codes issued by the SEC recommend that companies’ boards establish audit committees, whose duties and responsibilities include the monitoring and evaluation of the security of information assets
