Navigating New SEC Incident Reporting Requirements: How 360 Security Services Can Help

The SEC's new incident reporting requirements have created significant pressure on organizations, particularly smaller companies, due to their stringent four-day disclosure window and the complexity of distinguishing between victims and perpetrators. These regulations necessitate robust compliance and cybersecurity frameworks to manage the increased workload and ensure timely, accurate reporting.

Identifying Businesses Subject to SEC Breach Reporting Requirements

Smaller reporting companies (SRCs) are defined by the SEC as companies with public floats of less than $250 million or annual revenues of less than $100 million if they have no public float. These companies are now required to comply with the SEC's new incident reporting requirements, which mandate disclosing cyber incidents within four days of determining the event's materiality.

360 Security Services offers comprehensive solutions to address these challenges through our Managed IT, Cybersecurity, and Compliance Services.

Compliance Services

Our Compliance Manager tool supports major standards like NIST CSF, HIPAA, PCI, CMMC, SOC 2, and GDPR, ensuring your organization meets regulatory requirements efficiently. It can also be fully customized and custom compliance standards can be built out to suit your needs. Features include:

• Automated Process Management: Streamlining data collection, risk assessments, and dynamic action plans to reduce manual workloads.
• Incident Tracking and Management: Managing security incidents efficiently, ensuring timely and accurate reporting.
• Role-Based Architecture: Assigning and tracking compliance tasks among team members.
• Automated IT Compliance Reports: Generating compliance documentation, including risk assessment reports, policies, procedures, and supporting documents.
• Vendor Assessments and Status: Assign your vendors specific requirements, including the standards you must adhere to, monitor their assessment progress, and gain detailed reporting on vendor compliance risk and status.
• Sensitive Data Assessment: Identifying and protecting sensitive data.
• Customizable Libraries of Controls and Requirements: Tailor controls to specific regulatory and operational needs or create custom controls. Along with the supporting SEC requirements our turnkey controls include:

Cyber Insurance Compliance: Maintain compliance to the requirements of your cyber insurance policy reducing cost and roadblocks to payout in the event of an incident.

FTC Safeguards Rule: Save time managing the requirements of the ruling at the same time you manage any other regulatory or internal security requirements. Controls for organizations with less than 5,000 customers and more than 5,000 customers.

PCI DSS: Track your Payment Card Industry Data Security Standard requirements along with your other IT requirements. Includes SAQ A, SAQ A-EP, SAQ B-IP, SAQ C, SAQ C-VT, SAQ D Merchant, and SAQ D Service Provider controls.

NIST 800-171 and 800-171A: All the requirements for DoD contracts including risk scorecard, System Security Plan (SSP), and Plan of Action & Milestones (POA&M).

CMMC 2.0: Includes Level 1 and Level 2 maturity level standards and can be built out for Level 3 requirements.

HIPAA: Make your compliance efforts easier for all three HIPAA Rules: Security, Privacy, and Breach Notification.

GDPR and UK GDPR: Manage and track compliance to both versions of the GDPR with ease at the same time.

NIST CSF: Create your own control framework using the CSF as a foundation or implement the CSF and become a cybersecurity leader in your industry.

SOC 2: Implementing the AICPA SOC 2 Trust and Services Criteria in your organization? Use the 360 SOC 2 framework to make compliance efforts and audits more efficient and cost-effective.

ISO 27002: Implement the world's best-known standard for Information Secuirty Managment Systems with ease.

CIS Controls v8: Setting up an effective cybersecurity control framework for your organization that focuses security and compliance efforts in a risk-based format.

NYS DFS Part 500: It encompasses the full suite of requirements for all covered entities, with provisions for customization should you qualify for one of the exception categories.

Cyber Essentials & CE Plus: Perform the self-assessment using the Cyber Essentials requirements. Then, make it easy to obtain your “Plus” certification with perfect documentation.

Create Your Own Standards and Controls: Have a unique compliance need? Create your own framework using the existing 2,775 plus controls or create your own to make compliance efforts easier and reduce your compliance costs.

Managed IT Services

Our Managed IT Services ensure resilience and efficiency for your IT infrastructure. We provide:

• 24/7 Support and Response: Constant surveillance to detect and respond to incidents promptly minimizing or eliminating downtime.
• Proactive Device, System, and Network Monitoring: Ensuring all components of your IT environment are secure and functioning optimally.
• 24/7 Desktop, Cloud, and End-User Support: Assisting your team with technical issues to maintain productivity.
• Cloud and On-Prem Server Administration: Managing your cloud and server infrastructure to prevent downtime and security breaches.
• Data Backup and Recovery Operations: Protecting your critical data from loss and ensuring swift recovery in case of incidents.
• Network Operations Center (NOC): Central hub for seamless operations and rapid issue resolution.
• Technology Procurement and Lifecycle Management: encompasses an extensive inventory from over 1,700 vendors, addressing all your IT technology device and software requirements, along with secure and eco-friendly decommissioning services.

Cybersecurity Services

Our cybersecurity services are designed to protect your organization from evolving threats. Key offerings include:

• Continuous Cybersecurity Monitoring & 360 SOC: 24/7 Real-time threat detection and response from our Security Operations Center (SOC).
• Threat Intelligence: Staying ahead of potential threats with up-to-date information.
• Vulnerability Management & Testing Program: Identifying and addressing vulnerabilities before they can be exploited.
• Incident Response: Quickly mitigating and recovering from security incidents.
• Risk Assessments: Evaluating your security posture and identifying areas for improvement.
• Tailored Security Strategies: Customized to address your specific security needs.

Hypothetical Breach Scenario: A Small Tech Firm

Let's consider a small technology firm, "Tech Innovations Inc.," which falls under the SRC category due to its annual revenue of $80 million and a public float of $120 million. Tech Innovations Inc. develops software solutions and maintains a significant amount of sensitive customer data, making it a target for cyber-attacks.

We Measure Our Response Time In Seconds Where Other Measure It In Months

In a hypothetical breach scenario, our 24/7 Monitoring and Response team would detect the intrusion. Our Incident Response team would immediately initiate containment measures, while our Threat Intelligence team identifies the attack vector and potential vulnerabilities. Simultaneously, our Compliance Manager tool would begin documenting the incident details to ensure all required data is captured for SEC reporting.

As the incident unfolds, our team works closely with Tech Innovations staff to patch vulnerabilities and secure the network. Automated compliance reports are generated, detailing the breach, response actions, and mitigations taken. These reports are ready for SEC submission within the required four-day window, alleviating the administrative burden and ensuring regulatory compliance.

How 360 Security Services Help Tech Innovations Inc.

Incident Detection and Response

• 24/7 Monitoring and Response: Tech Innovations Inc. experiences a cyber breach. Our 24/7 monitoring team immediately detects the intrusion and initiates containment measures.
• Incident Response: Our Incident Response team quickly identifies the nature of the breach, containing the threat and beginning the recovery process. This involves isolating affected systems and starting forensic analysis.

Threat Intelligence and Vulnerability Management

• Threat Intelligence: Our threat intelligence service identifies the attack vector and any associated threats, providing real-time updates to prevent further exploitation.
• Vulnerability Management: We conduct a thorough vulnerability assessment to determine how the breach occurred and identify any other potential vulnerabilities within the system.

Compliance and Reporting

• Compliance Manager GRC Tool: While the Incident Response team handles the breach, our Compliance Manager GRC tool automates the documentation process, ensuring all necessary details are captured for SEC reporting.
• Automated IT Compliance Reports: We generate comprehensive reports detailing the incident, response actions, and mitigations taken. These reports are formatted to meet SEC requirements and are ready for submission within the required four-day window.

Collaboration and Remediation

• Aligning with Engineering: Our cybersecurity team collaborates with Tech Innovations Inc.’s engineering department to patch identified vulnerabilities and implement additional security measures.
• Proactive Measures: Post-incident, we work with the company to enhance their overall security posture, including updated security protocols, employee training, and continuous monitoring to prevent future incidents.

Continuous Support

• Managed IT Services: We provide ongoing support through our Managed IT services, ensuring that Tech Innovations Inc.'s IT infrastructure remains secure and resilient. This includes proactive monitoring, regular security assessments, and rapid response to any future incidents.
• Cybersecurity Services: Our comprehensive cybersecurity services offer continuous threat detection, risk management, and incident response, tailored to the specific needs of smaller businesses.

Partner With 360 Security Services

360 Security Services is dedicated to helping organizations of all sizes navigate the complexities of regulatory compliance. Our Managed IT, Cybersecurity, and Compliance Services provide comprehensive support to build a strong security foundation, reduce risks, and stay compliant with evolving regulations.

For more information on how 360 Security Services can support your compliance needs, visit our website at htpps:360Security.Services or connect with us today on LinkedIn.