- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Maria L. Murphy2023-02-07T17:52:00
Cyber risks are a major concern for management and boards and remain noteworthy to investors and company stakeholders. Breaches, ransomware, malware, and other attacks are increasing, and the risk curve continues to go up.
As breaches become more pervasive and threaten shutdowns of company operations, there is greater urgency for companies and auditors to be aware of and head off these risks.
At the annual AICPA CIMA Conference on Current Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board developments in December, a panel of experts shared perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.
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Software company Blackbaud agreed to pay $3 million to the Securities and Exchange Commission to settle claims it violated securities law by failing to disclose the true scope of a ransomware attack that affected 13,000 users.
Smaller reporting companies should, by default, have delayed compliance dates of at least one year on any new disclosure rule, SEC Commissioner Mark Uyeda said in a recent speech.
Healthcare organizations were under attack more than ever by cybercriminals in 2022, overtaking finance as the most breached industry, according to the latest analysis from Kroll.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
