Podcast: How manufacturers are preparing for cyber incidents and new SEC rules

Podcast: How manufacturers are preparing for cyber incidents and new SEC rules

Jan. 31, 2024
In this episode of Great Question: A Manufacturing Podcast, Dennis Scimeca discusses what manufacturers can do to protect themselves against cyberattacks.

Dennis Scimeca is the senior editor for technology at IndustryWeek. In his current position, he covers a range of topics, including how innovations in the manufacturing sphere are helping companies improve their competitiveness and their profits. He shines a light on the latest and greatest industrial technology, including vision systems, machine learning/artificial intelligence, virtual and augmented reality, and interactive entertainment. Dennis recently spoke with Smart Industry managing editor Scott Achelpohl about how manufacturing companies can comply with new preparedness and reporting standards.

Below is an excerpt from the podcast:

SI: What precisely do the SEC rules say?

DS: OK, so I'm not going to quote from any of the docs, but the new rules adopted in July 2023 and in effect for all U.S. companies as of mid-December state two requirements. So first, in their annual 10-K filing, companies have to report on cybersecurity risk management strategy and governance. Now if you're not familiar, where an annual report to shareholders might focus almost entirely on financials, a 10-K form is much more comprehensive. It’s information about company history, organizational structure, facilities owned. Basically, all the information an investor needs to really understand how the company is doing.

So now, in addition to all of that, companies have to describe how they identify and manage material cybersecurity threats, with the material damage of a cybersecurity attack might do past cybersecurity incidents, how much oversight the board of directors has, and how management assesses and manages material risks from cybersecurity threats.

About the Author

Scott Achelpohl

Scott Achelpohl is the managing editor of Smart Industry. He has spent stints in business-to-business journalism covering U.S. trucking and transportation for FleetOwner, a sister website and magazine of SI’s at Endeavor Business Media, and branches of the U.S. military for Navy League of the United States. He's a graduate of the University of Kansas and the William Allen White School of Journalism with many years of media experience inside and outside B2B journalism.

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