CyberCatch Holdings, Inc. announced the launch of its SEC Compliance Manager solution to enable compliance with SEC's new Cybersecurity Incident Reporting and Risk Management Rule. Cybersecurity risk is one of the most significant risks facing just about every single company, and SEC noted in the Rule that it takes on average: 42 days to discover breaches. 80 days to disclose a breach after discovery.

$9.44 million is the average cost of a data breach. The new SEC Rule impacts 8,474 companies and mandates reporting and disclosure of a material cybersecurity incident within four business days and disclosure of cybersecurity risk management, strategy and governance, including board oversight over cybersecurity risk management. The Rule became effective September 5, 2023.

Reporting of material cybersecurity incidents is mandatory effective December 18, 2023, and disclosure of cybersecurity risk management is mandatory for companies with fiscal year ending on or after December 15, 2023. CyberCatch's SEC Compliance Manager solution contains the 25 controls in the Rule in order to attain compliance, along with an automated cybersecurity assessment workflow engine for gap analysis, supporting compliance evidence repository for each control, charts and graphs and an AI-enabled cybersecurity advisor with tips, insights and guidance to quickly and effectively attain and maintain compliance.