Page 118 - Cyber Defense eMagazine March 2024

Why?

Leaders are also finally getting clarity on the “why”? More information has been shared to shed light on
the materiality standard for this rule, and in short, it’s meant to protect the needs of investors to make
sound decisions about buying or selling. In official terms, according to the SEC and the Supreme Court,
“The term ‘material,’ when used to qualify a requirement for the furnishing of information as to any subject,
limits the information required to those matters to which there is a substantial likelihood that a reasonable
investor would attach importance in determining whether to buy or sell the securities registered.”

As public companies continue to put these rules into practice, it’s important to keep an open dialogue
with the SEC about any reporting questions remain in order to ensure you remain compliant. Working
with a consultancy with expertise in compliant reporting is another great way to ensure that reporting is
done in a timely, efficient and accurate manner.

About the Author

Christopher Salone, CISA, MBA, CCSFP is a Consulting Manager and Financial
Services Practice Leader of FoxPointe Solutions, the Information Risk
Management Division of The Bonadio Group. His work focuses on internal and
external auditing of information technology and information security practices and
controls, providing services to clients across multiple industries, including public
and private companies, financial institutions, healthcare organizations, tech
companies, and school districts. He conducts audits in accordance with
regulatory compliance standards. Christopher can be reached online at
[email protected] and at our company website
www.foxpointesolutions.com.

Cyber Defense eMagazine – March 2024 Edition 118
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