By Gautham Nagesh - 05/12/11 11:02 PM EDT
Senate Democrats say firms should have to disclose cyber-attacks to investors: Senate Commerce Committee Chairman Jay Rockefeller (D-W.Va.) and several
colleagues wrote to Securities and Exchange Commission Chairwoman Mary
Schapiro on Wednesday arguing firms should be forced to disclose
cyber-attacks that could affect earnings or give competitors' a leg-up
in the marketplace.
The lawmakers ask the commission to issue guidance that clarifies firms must disclose any network breach that could jeopardize the firm's intellectual property or trade secrets in order to provide investors with full transparency. The letter comes three weeks after a hacker attack on Sony brought down two online gaming networks and imperiled the personal data of more than 100 million consumers worldwide.