Journal About Legal Insights
Author: Kostakis Konstantinou;
Source: skeletonkeyorganizing.com
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In depth
US cybersecurity regulations underwent their most significant transformation in a decade. Companies that spent years preparing for "eventual" compliance suddenly faced hard deadlines and real penalties. Federal rules that languished in proposal stages for half a decade moved to enforcement, while state capitals churned out breach notification updates at a pace legal teams struggled to track.
Why does this matter right now? Because regulators stopped issuing warnings and started levying fines. The SEC hit its first company with penalties under the new disclosure framework in mid-2024. State attorneys general launched joint investigations into businesses that missed notification windows by less than 48 hours. Compliance officers who built their strategies on 2022 guidance found themselves scrambling to catch up with 2024 realities.
Major Federal Cybersecurity Legislation Enacted in 2024
The Securities and Exchange Commission started enforcing its cybersecurity disclosure framework in December 2023, making 2024 the first complete year of active compliance. Public companies now file Form 8-K reports within four business days after deciding an incident meets the materiality threshold. Industry groups lobbied hard for ten days—the SEC said no, citing how quickly incidents affect stock prices.
What makes an incident material? Think about what investors need to know before buying or selling shares. A ransomware attack that locks down 5% of your infrastructure might be critical if you're ...
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