Yaki Faitelson, the Co-Founder and CEO of Varonis, is at the forefront of managing and executing the company’s strategic direction. The recent SEC cybersecurity disclosure rules, which came into effect in December 2023 and were clarified in June 2024, have presented new challenges for CISOs. These guidelines require public companies to report “material” breaches within four business days and document their processes for managing cybersecurity risks.
The role of CISOs has evolved significantly since the first position was filled by Steve Katz, who sadly passed away in December. Katz believed that cybersecurity is a tool for managing business risk, highlighting the importance of protecting data in today’s digital landscape.
With the new guidelines making CISOs accountable for cyber incidents, there is added pressure on these executives to report breaches promptly. The tight four-day window for reporting breaches poses a challenge for many CISOs, with 68% feeling unprepared to comply with the timeline.
The materiality question remains a critical issue for CISOs, as determining the significance of a breach can be complex and costly. Without proper data ledgers and processes in place, assessing materiality and mitigating information risks becomes even more challenging.
In light of these challenges, CISOs must work closely with executives to identify visibility gaps and define processes for determining materiality. They need the authority and means to continually assess their data estate to protect critical information effectively.
Forbes Technology Council provides a platform for world-class CIOs, CTOs, and technology executives to collaborate and address the evolving cybersecurity landscape.