Canadians are eyeing moves to these cities for more affordable housing
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
The U.S. Securities and Exchange Commission adopted rules Wednesday to require public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. Delays will be permitted if immediate disclosure poses serious national security or public safety risks.
The new rules, passed by a 3-2 vote along party lines, also require publicly traded companies to annually disclose information on their cybersecurity risk management and executive expertise in the field. The idea is to protect investors.
Breach disclosures can be delayed if the U.S. Attorney General determines they would "pose a substantial risk to national security or public safety" and notifies the SEC in writing. Only under extraordinary circumstances could that delay be extended beyond 60 days.
"Whether a company loses a factory in a fire -- or millions of files in a cybersecurity incident -- it may be material to investors," SEC Chair Gary Gensler said in a statement, noting the current inconsistency in disclosures.
The rules will put "more transparency into an otherwise opaque but growing risk" and may spur improvements in cyber defenses -- though potentially posing a bigger challenge for smaller companies with limited resources, Lesley Ritter, senior VP at Moody's Investors Service, said in a statement.
Technically, the clock doesn't start ticking on the four-day window for reporting until companies have determined a breach is material.
One of the dissenting Republican commissioners, Hester Peirce, complained that the new requirements overstep the SEC's authority and "seem designed to better meet the needs of would-be hackers" - who could benefit from detailed info on how companies manage cyberrisk.
As well, Peirce said in a statement, the temptation for the SEC to "micromanage" company operations will only grow.
A leading figure in cybersecurity, Tenable CEO Amit Yoran, heartily welcomed the new rule.
"For a long time, the largest and most powerful U.S. companies have treated cybersecurity as a nice-to-have, not a must have. Now, it's abundantly clear that corporate leaders must elevate cybersecurity within their organizations," he said in a statement.
The rules were first proposed in March 2022, when the SEC determined that breaches of corporate networks posed an escalating risk as their digitization of operations and remote work increased -- and the cost to investors from cybersecurity incidents rose.
While some critical infrastructure operators and all health care providers must by law report breaches, no federal breach disclosure law exists.
In a new report published by IBM, researchers found organizations now pay an average of US$4.5 million to deal with breaches -- a 15 per cent increase over the past three years. The Ponemon Institute researchers also found that impacted businesses typically pass the costs on to consumers, who may themselves also be victims with personal information stolen in a breach.
The rule's passage also comes amid slow-moving, often cryptic disclosures -- some through SEC filings -- from a major data breach affecting hundreds of organizations caused by the so-called supply chain hack by Russian cybercriminals of a widely used file transfer program, MOVEit. The breach has impacted multiple universities, major pensions funds, U.S. government agencies, more than 9 million motorists in Oregon and Louisiana and companies including the BBC, British Airways, Ernst & Young and PricewaterhouseCoopers.
Many victims of the MOVEit breach were quick to point out that they were failed by a third-party application. The new SEC rule encompasses third-party apps and notes how companies have increasingly relied on outside cloud services for data management and storage.
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
Liberal parliamentarians are criticizing Conservative Leader Pierre Poilievre over a new video in which he promotes the idea that some Canadians are 'fleeing' Canada to live in Nicaragua because they can't afford a house in this country.
A skull was found along a backroad near St. John's more than 20 years ago. Now, police have finally identified the victim of the homicide.
Car manufacturer Nissan has issued a do-not-drive warning for some older vehicles equipped with Takata airbag inflators, due to the risk of explosion during a crash.
An infant has died and three others, including another child, were taken to hospital following an ATV crash in Forties, N.S., on Monday.
Canadian figure-skating icon Tessa Virtue is expecting her first child, she revealed via social media Tuesday.
McDonald’s is fighting back against viral tweets and media reports that it says have exaggerated its price increases.
Conservative Leader Pierre Poilievre's housing bill has been defeated in the House of Commons with the Liberals, New Democrats and Bloc Quebecois voting against the legislation.
A British Columbia man will be extradited to the United States, where he faces a possible life sentence if convicted of charges that he repeatedly sexually assaulted his stepdaughter, after losing his appeal of the extradition order Tuesday.
The president of Covered Bridge Chips in New Brunswick is hoping to have his factory rebuilt for late 2025 following a devastating fire last year.
Students and staff at Winnipeg’s Westwood Collegiate had a unique problem to solve this month; how do you lead ducks to water from the school’s courtyard when 12 of them can’t fly yet?
Debby Lorinczy remembers her father as an amazing person and as a man who also made an amazing discovery.
Abigail Strate is a member of the Canadian national ski jumping team and an Olympic bronze medallist. She's also a certified beekeeper.
It's been a long time coming, but one Oilers superfan is hoping this will be the year he gets to touch up his massive Stanley Cup back tattoo.
A man's daring rescue of a newborn wild foal that was trapped after falling down a steep embankment was caught on video over the weekend.
A Winnipeg pinball wizard is heading to the granddaddy of them all – the IFPA World Pinball Championship.
It’s the chance of a lifetime for a group of Ottawa athletes who are getting ready to represent Team Canada at the World Junior Ultimate championships in the United Kingdom.
Parishioners at Holy Trinity Anglican Church are praying for a monetary miracle, as their historic place of worship could collapse at any moment.