SEC Publishes Draft Cybersecurity Disclosure Taxonomy

SEC Publishes Draft Cybersecurity Disclosure Taxonomy

By Prathamesh 9 July, 2024

July 7, 2024

The US Securities and Exchange Commission (SEC) has announced the publication of the draft Cybersecurity Disclosure (CYD) taxonomy to support the final rule on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure. This taxonomy, which includes elements necessary for tagging cybersecurity information using Inline XBRL, is designed to enhance the digital filing and transparency of cybersecurity disclosures.

The new rules require registrants to disclose material cybersecurity incidents in a timely manner and annually provide material information regarding their cybersecurity risk management, strategy, and governance. The draft CYD taxonomy aims to facilitate this reporting process.

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