White Paper: Cybersecurity Disclosure in Municipal Offerings

October is National Cybersecurity Awareness Month, but many municipal market participants are not paying attention. This is unfortunate, because regulators in the Office of Municipal Securities of the Securities and Exchange Commission (SEC) have expressed repeated concerns in recent months about the adequacy of municipal offering disclosures relating to data protection. This should come as no surprise, given the increasing frequency and sophistication of cybersecurity and data breaches and the requirements for corporate registrants to include line-item disclosures on this topic in their SEC filings.

There is widespread inconsistency and a lack of urgency in obligated parties’ approaches to cybersecurity disclosure. We have prepared this White Paper, Part II in our Municipal Securities Disclosure Series, to help clients analyze applicable risks and evaluate how best to disclose, adapt to, and mitigate risks.

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