In July 2023 the SEC released new rules imposing additional 8-K and 10-K disclosures about cybersecurity incidents, management and governance. Here is a link to an SEC page that has the final rule and provides access to the public comments and the earlier drafts of the final rule (SEC CYBERSECURITY DISCUSSION). 

The new 8-K disclosure adds a new item (ITEM 1.05) and requires breach and other incident disclosure to be made through an 8-K filing within 4 days of a material breach with some exceptions. Fortunately there have not been a large number of 1.05 disclosures so far. To access these – (mandatory incident reporting began on December 18, 2023) select the appropriate 8-K indices (Y2021-Y2023 and Y2024-Y2024) as illustrated in the image below:

 

Then use the fields button to access the ITEM CODE list. Select ITEM_1.05 – there is no need to to type a value in the Value to Search box as the application handles that for ITEM CODES:

If we want to just read the 8-K (and amended 8-K), that is ignore the exhibits that might be filed with the 8-K we need to add the DOCTYPE field parameter. To do so, first type and next to the item parameter and then select the fields button again, select DOCTYPE and type 8K* (to be sure to get amended 8-Ks filed relating to an incident as illustrated in the following image:

Once all of the search parameters have been entered just hit the Perform Search button:

I have been waiting to start looking at the new 10-K disclosure, Lockheed Martin is the first registrant to file a 10-K with content in the new Item 1C. Cybersecurity. Here is a screen shot of part of their 10-K:

I am not someone who can truly evaluate the informativeness of their disclosure. I does look as if they hit the SEC requirements, but is it boiler plate or not – too early to tell. We will be monitoring these with an eye to consider adding this section to our artifact list with separate indexing etc. The 12/31 large accelerated filers have until the end of February (roughly) to file their 10-Ks so these should really start coming in in the next few weeks.