The Sarbanes-Oxley Act (SOX), enacted two decades ago, has transformed business operations, particularly in the realm of accounting transparency and financial reporting. This landmark legislation rose from the ashes of a series of catastrophic corporate financial failures, including the infamous Enron scandal, the largest bankruptcy in U.S. history.
Fast forward to 2023, the cybersecurity rules and amendments proposed by the Securities and Exchange Commission (SEC) are today’s parallels to SOX, aiming to address a different but equally crucial issue: cyber threats to business viability. These regulatory changes could have similar implications for reducing the number and impact of cyberattacks, improving the management of cyber risk, and enhancing board accountability for cybersecurity. ...read more!
