In The News

Small New York Bank Reports Data Breach

American Banker

14 Mar 2022

Jina Choi spoke to the American Banker about Lake Shore Savings Bank disclosing in a financial statement to investors that it had suffered a data breach after hackers gained access to customers’ personal information.

In 2018, the Securities and Exchange Commission (SEC) issued guidance that publicly traded companies “should consider the materiality of cybersecurity risks and incidents when preparing the disclosure that is required in registration statements.” According to Jina, the SEC does not consider every cybersecurity incident “material,” meaning some incident disclosures do not end up in public filings.

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