Proposed Legislation Seeks to Enhance Cybersecurity Risk Disclosures

On February 28, 2019, Senators introduced a bipartisan bill seeking to promote transparency in the oversight of cybersecurity risks at publicly traded companies. The bill, titled “Cybersecurity Disclosure Act of 2019,” would require issuers to disclose in their annual reports or proxy statements whether any member of their boards has expertise or experience in cybersecurity and, if not, to explain why they do not believe such expertise is necessary. The full text of the bill is available here.