VASCO CEO Scott Clements comments on the new SEC rulings on cybersecurity disclosures for public companies that go into effect today:
“The SEC’s Commission Statement and Guidance on Public Company Cybersecurity Disclosures is a positive move for investors and online citizens. It acknowledges the rapidly evolving nature of cybersecurity threats and the increasing sophistication of attacks, including the use of stolen credentials, malware, ransomware, and phishing.
The overwhelming number of corporate breaches can be traced back to the use of stolen credentials or weak passwords combined with inadequate authentication methods. Too many companies still rely on decades-old methods of security and this is not sufficient in today’s environment. Organizations need to apply a risk-based, layered approach to security.
Market participants and consumers have limited visibility into the security practices of publicly-traded companies. The SEC’s action will increase transparency in this critical area and contribute to heightened security at countless companies and this will benefit everyone. Highly effective and frictionless multifactor authentication and risk analysis solutions augmented with new technologies such as facial recognition and behavioral biometrics make the job of securing information and assets remarkably economical and efficient.”