SEC corporate finance chief clarifies ‘materiality determination’ for filings under controversial cyber incident disclosure rule

The Securities and Exchange Commission is providing guidance to companies reporting incidents under requirements established in a controversial cyber incident disclosure rule on filing needs when it comes to making a “materiality determination,” in a new statement from corporation finance division chief Erik Gerding.

Under the rulemaking adopted in July 2023, the SEC requires disclosure for “material cyber incidents” under Item 1.05 of Form 8-K, Gerding says. For incidents that are not material, Gerding says the companies should disclose the...