Cybersecurity Regulations and Reporting in USA and EU

In 2024, businesses are coming under tighter compliance and cybersecurity reporting by government bodies in both the USA and EU countries.

In the US, the SEC is now requiring all public companies and foreign private issuers to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. There is a new item 1.05 added to the 8-K, to disclose any cybersecurity incident.

The new rules also add Regulation S-K Item 106, which requires registrants to describe their processes for assessing, identifying, and managing material risks from cybersecurity threats, as well as the material effects or reasonably likely material effects of risks from cybersecurity threats and previous cybersecurity incidents. Item 106 also requires registrants to describe the board of directors’ oversight of risks from cybersecurity threats and management’s role and expertise in assessing and managing material risks from cybersecurity threats. These disclosures are required in a registrant's annual report on Form 10-K.

The rules require comparable disclosures by foreign private issuers on Form 6-K for material cybersecurity incidents and on Form 20-F for cybersecurity risk management, strategy, and governance.

In the EU, there are two directives:

NIS2 - This directive aims for a high common level of cybersecurity across the European Union providing legal measures to boost the overall level of cybersecurity in the EU, to improve cybersecurity risk management and introduce reporting obligations across sectors such as energy, transport, health, and digital infrastructure, starting into force in 2023.

DORA – (Digital Operational Resilience Act) aim is to strengthen the IT security of financial entities such as banks, insurance companies and investment firms and make sure that the financial sector in Europe can stay resilient in the event of a severe operational disruption, like a cyberattack.

DORA has two main objectives: 1) to address ICT (Information and Communications Technology) risk management in the financial services sector and to coordinate the ICT risk management regulations that already exist in individual EU member states. This EU regulation entered into force on January 16th, 2023, and will apply as of January 17th, 2025.

In a recent survey of Fortune 500 CEOs the #2 concern was cyber security. So, in addition to everything else CEO’s must worry about, now they have to make special SEC filings or other EU reporting obligations when their enterprise is hit with a cyberattack!

Wouldn’t it be great if you could detect a cyber breach before it happens, thwart the criminal intent on holding your precious data hostage, save yourself and your company unnecessary SEC/EU filings, data and reputation loss? With InfiniSafe®, we provide a multi-layered cyber storage stack enabling you to create a comprehensive cyber storage resilience plan for your enterprise! The core cyber stack includes functions to support:

• Immutable snapshots
• Local logical air-gap for separation
• Fenced forensic environment
• Near-instantaneous recovery from cyberattacks

These core functions are available at no additional cost with the InfiniBox®, InfiniBox™ SSA and InfiniGuard® platform.

Our InfiniSafe Cyber Detection option further extends the core cyber stack by validating the integrity of your immutable snapshots using powerful, AI-based scanning engines. Comprehensive machine learning detects ransomware and malware attacks with up to 99.5% accuracy, so you can quickly and easily identify the last known good copy of your data for rapid, intelligent recovery. In fact, Infinidat provides SLA-based guarantees to enable primary storage recovery in 1 minute or less and 20 mins or less for our secondary InfiniGuard product, both regardless of dataset size.

Minimizing time to recovery?

Today, the customer's IT admin team performs immutable snapshots on some sort of regular schedule, depending on the data classification and importance to the business. With InfiniSafe Cyber Detection you have two modes: early warning and recovering a known good copy once attacked. InfiniSafe Cyber Detection helps in orchestrating and making the scanning of the data super easy, cutting down the recovery time.

However, the problem is that the data is being protected on a scheduled basis (every hour or 4x per day) creating significant gaps between snapped data. So, what if you could have your SIEM or SOAR-based security information and management system fire-up InfiniSafe Cyber Detection to probe suspected ransomware and malware in files that the Security Operations Center (SOC) team has detected. Stay tuned for announcements this spring on how we are extending cyber protection and being proactive in how we are identifying any compromised data, to help you contain and recover from cyber storage threats.