SEC “Encourages” Public Companies to Disclose “Immaterial” Cybersecurity Incidents Under Item 8.01 of Form 8-K
The U.S. Securities and Exchange Commission (“SEC”) adopted a final rule on July 26, 2023 that requires public companies to disclose material cybersecurity incidents under new Item 1.05 of Form 8-K. Since its adoption, public companies have faced practical challenges in determining whether and when a cybersecurity incident warrants disclosure under Item 1.05. On May…