Meghan O’Connor, Mark Bina and Rachel Weiss Provide Insight on New Securities and Exchange Commission Rule in Bloomberg Law Article
Quarles & Brady Health & Life Sciences attorneys Meghan O’Connor, Mark Bina and Rachel Weiss gave their thoughts on the impact of the new Securities and Exchange Commission’s rule requiring publicly traded companies to quickly disclose cybersecurity breaches in a Bloomberg Law article. Many believe this new requirement will create new risks for the health-care sector as it relates to data privacy and cybersecurity.
However, poor care at health-care facilities crippled by ransomware attacks will trigger lawsuits from patients and other stakeholders, attorneys say. The SEC’s requirements to disclose cybersecurity attacks—which sometimes companies aren’t aware of immediately—will be difficult for some health-care facilities to meet, the attorneys say.
“Even the most technically sophisticated information security team will find it difficult to collect sufficient evidence to provide definitive notice of cybersecurity events in only four days,” said Meghan O’Connor, Mark Bina, and Rachel Weiss, attorneys at Quarles & Brady LLP, in a statement about ways businesses can prepare for the SEC rule.