Saltmarsh News & Articles
Top stories from Saltmarsh's Pensacola, Fort Walton Beach, Tampa, and Orlando offices
SEC Provides Disclosure Guidance Relating to Cybersecurity Risk Disclosure
Monday, November 07, 2011
In todays day and age, its hard to imagine any company that is not using the internet or internal technology to drive their business. However, companies, their boards and shareholders may not always understand the full extent of the risk that lies in that technology. Prompted by the irrefutable amount of attention to high-profile cybersecurity incidents, the Division of Corporate Finance of the Securities and Exchange Commission has focused on this issue and recently provided their views on registrants cyber risk disclosure obligations.
The Division states, Registrants should disclose the risk of cyber incidents if these issues are among the most significant factors that make an investment in the company speculative or risky.
Why is cybersecurity such a critical issue?
Virtually all activities today rely on computers and the internet communication (internet, smartphones), shopping (online stores, credit cards), personal records (medical, employee and customer information), accounting records, etc. Cybersecurity entails protecting this information by protecting from, detecting, and responding to attacks.
What risks and consequences do you need to consider?
The risks companies should consider are: 1) misappropriation of sensitive data including proprietary information, 2) corrupted data and 3) operational disruption. These may be carried out by someone gaining unauthorized access or causing processing disruptions. Attacks may lead to consequences such as additional costs, lost revenues, litigation as well as reputational damage.
Which companies are most at risk?
Everyone who maintains data in an electronic environment. Zeena Patel, a leader in EisnerAmpers Technology Audit and Advisory Services group, notes: The Division was prompted to provide their views when several large companies were involved in significant attacks. However, data shows that criminals are just as likely to invade smaller and medium-sized organizations who may not have the resources to detect and prevent attacks quickly.
What disclosures may be required?
The guidance, which does not change the existing rules and regulations, requires companies to disclose any aspects of a companys business that could have material costs and consequences.
A significant attack, or high risk of attacks (even if currently undetected), may require quantitative and qualitative information within the Risk Factor disclosure.
Further consideration must also be given as to the inclusion of costs and consequences in Managements Discussion and Analysis and Financial Statements.
Lastly, further, lacking operating cybersecurity controls may lead to ineffective Disclosure Controls and Procedures.
How should companies respond to the guidance?
Zeena further states: Companies should be preparing a risk assessment which also includes third-party providers. Understanding the magnitude and likelihood of potential attack within your current controls will allow you to determine your disclosure requirements.
The guidance can be found at http://www.sec.gov/divisions/corpfin/guidance/cfguidance-topic2.htm
For more information, please contact Saltmarsh, Cleaveland & Gund, (850) 435-8300.
© 2011 EisnerAmper LLP
Qualifying for the Research and Development Tax Credit
The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.
- Saltmarsh, Cleaveland & Gund featured on INSIDE Public Account... - August, 27 2014
- Succession Planning: Build Value into Your Company - August, 21 2014
- How The New Revenue Recognition Standard Will Affect Contracto... - August, 1 2014
- Casualty Losses - June, 2 2014
- Gabe Shibly, CPA appointed to serve on two FICPA committees - May, 30 2014
- How the New Repair Regs Will Impact Your Contracting Firm - May, 30 2014
- Kristen Stogniew to Speak at 29th Annual Consumer Compliance S... - April, 14 2014
- Sales and Use Tax Exemption for Purchases of Industrial Machi... - April, 10 2014
- Taxation: Deductions, Credits, and Strategies You May Be M... - February, 6 2014
- IRS Final Regulations on Suspending Safe Harbor Contributions ... - January, 14 2014
- PFIC Regulations Impact 2013 Filers - January, 14 2014
- Upcoming Deadline: Exercised Incentive Stock Options & Emp... - January, 13 2014
- How Might Healthcare Reform Affect Your Construction Clients? - January, 6 2014
- Final Regulations on the Treatment of Amounts Paid for Tangibl... - November, 13 2013
- Medicares Two-Midnight Rule Enforcement Rela... - October, 18 2013
- Can the Federal Government Shut Down Cause a Business Interrup... - October, 16 2013
- Glenn Scharf, CPA, CVA to present "Understanding the Resea... - September, 5 2013
- Saltmarsh and Associates Insurance Agency Host Construction In... - August, 7 2013
- Impact on Retirement Plans of Supreme Court Ruling on DOMA - July, 29 2013
- Impact of the Rejection of DOMA on Employers and Employees - July, 26 2013
- The Rejection of DOMA and Its Impact on Same-Sex Married Coupl... - July, 12 2013
- Alex Hager Featured in Tampa Bay Business Journal - July, 10 2013
- Delays in Affordable Care Act's Employer Mandate - July, 3 2013
- Molly Murphy Recognized as Distinguished Alumni - April, 8 2013
- Green Construction: It's More Than Just a Fad - March, 1 2013
- Summary of the Taxpayer Relief Act of 2012 - H.R. 8 - February, 27 2013
- Extended Provision: Qualified Charitable Contributions - February, 6 2013
- Saltmarsh Elects Stephen Reyes as Shareholder - January, 14 2013
- 2013 Standard Mileage Rates Up 1 Cent per Mile for Business, M... - November, 26 2012
- Beware of Section 409A Traps in Employment Agreements - November, 20 2012
- How Much Does it Cost Be A Toronto Blue Jay? Income Tax Consid... - November, 19 2012
- Avoid Uncertain Tax Position Disclosures of Timing Differences... - November, 16 2012
- IRS Relaxes Timeline for Due Diligence and Withholding and Exp... - November, 7 2012
- Decisions to Write Off Investments Become Critical in 2012 - November, 7 2012
- Tax Deductions Can Make It Easier to Practice Green Energy Man... - October, 26 2012
- Update on New Temporary Repair and Maintenance Regulations - October, 16 2012
- UWF College of Business Grand Opening - October, 10 2012
- Denice G. Miller, CPA and Glenn S. Cox, CPA have joined the fi... - September, 25 2012
- Will You Benefit from a Medical Loss Rebate? - September, 14 2012
- Saltmarsh Professionals Earn Designation of Construction Indus... - September, 13 2012
- John Watton, AAAPM Obtains Professional Designation - August, 21 2012
- Estimates of Chargebacks and Rebates May be Sufficient to Meet... - July, 19 2012
- IRS (Finally) Issues Sample Format for Making Section ... - July, 19 2012
- Loeffler earns the designation of Certified Public Accountant ... - July, 17 2012
- For Contractors, Revenue Recognition Standards Come Back to Re... - July, 6 2012
- Health Care Reform and Small Businesses - July, 3 2012
- U.S. Supreme Court Upholds Individual Mandate Contained in the... - July, 2 2012
- IRS Proposed Regulations Address Substantial Risk of For... - June, 29 2012
- The IRS Forges Ahead with FATCA: Draft Forms and Registrat... - June, 12 2012
- Saltmarsh welcomes Paul S. Allen as shareholder - May, 29 2012
- Great Turnout at the A&A CPE Event! - May, 21 2012
- New ERISA Service Provider Disclosure Requirements - May, 21 2012
- IRS Announces Third Opportunity for Voluntary Disclosure of Of... - May, 11 2012
- U.S. Banks Must Report Interest on Deposits by Nonresident Ali... - May, 11 2012
- Construction Services Newsletter March 2012 - March, 20 2012
- Suzanne Cox Appears on Tampa FOX 13 - February, 13 2012
- Larrieu, Smith Named Rising Stars - January, 26 2012
- Bill Massey Quoted in American Banker - January, 26 2012
- Payroll Tax Cut Temporarily Extended into 2012 - December, 23 2011
- IRS Announces 2012 Standard Mileage Rates - December, 13 2011
- United Way Day of Caring 2011 - December, 12 2011
- Lee Bell Quoted in Article on Community Banking - November, 30 2011
- New Legislative Alert - Deducting Bonuses - November, 21 2011
- SEC Provides Disclosure Guidance Relating to Cybersecurity Ris... - November, 7 2011
- Saltmarsh Wins 1st Place for Small Business at YMCA Corporate ... - October, 24 2011
- Treasury Issues Proposed Regulations Addressing Tax Treatment ... - October, 14 2011
- Saltmarsh Technology Funnel and Community Bank Executive Forum - October, 12 2011
- Saltmarsh Hosts Anti-Money Laundering Seminar - August, 12 2011
- Starratt Earns QPA Designation - June, 30 2011
- Elkins earns the designation of Certified Public Accountant an... - June, 15 2011
- IRS Provides Guidance on 100% Bonus Depreciation - May, 9 2011
- Fryer Promoted to Manager at Saltmarsh - April, 14 2011
- Starratt Promoted to Manager, Earns ERPA Designation - April, 12 2011
- Elbert A. Botts Estate donates $1.4 million to Troy University - March, 28 2011
- SEC Cracks Down on Sales Taxes Significant Penalties Re... - March, 25 2011
- Retirement Plan Sponsors - March, 25 2011
- Noble Among Elite Group at Advanced Financial Planning Confere... - January, 19 2011
- Scharf Appointed to Executive Committee at Saltmarsh, Cleavela... - January, 11 2011
- Schulte, Jackson, Kent and Woods promoted at Saltmarsh - December, 28 2010
- Gaines joins Saltmarsh, Cleaveland & Gund - December, 7 2010
- Florida Trend Ranks Saltmarsh, Cleaveland & Gund Among Top Fir... - November, 11 2010
- Government Contractor Planning Workshop - October, 18 2010
- Stogniew & Associates Merges with Saltmarsh, Cleaveland & Gund - September, 27 2010
- Andrew Kent joins Saltmarsh, Cleaveland & Gund - August, 18 2010
- Cathy Gianotto, QPA, QKA elected to Board of Directors of FWC... - August, 16 2010
- Crist appoints Nathan Botts to Bay Bridge Authority - July, 1 2010
- Gulf Oil Spill: Questions and Answers - June, 25 2010
- Oury earned the designation of Certified Public Accountant ... - May, 25 2010
- de Boer earned the designation of Certified Public Accountant ... - May, 24 2010
- What Health Care Reform Means to Your Business - May, 17 2010
- Help for small businesses affected by the Deep Water BP Oil Sp... - May, 15 2010
- SBA has approved disaster loan funds - May, 10 2010
- BP and the MC252 Oil Well Incident in The Gulf of Mexico - May, 10 2010
- Saltmarsh, Cleaveland & Gund Acquires Lundy, Minnich & Linnvil... - February, 2 2010
- Diane Martinez promoted to Senior at Saltmarsh, Cleaveland & G... - January, 8 2010
- Justin Smith promoted to Senior at Saltmarsh, Cleaveland & Gun... - January, 8 2010
- Beth Skarda, CPA, promoted to Manager at Saltmarsh, Cleaveland... - January, 8 2010
- Araba Knoblock promoted to Senior at Saltmarsh, Cleaveland & G... - January, 8 2010
- Angelika Cope, CPA promoted to Senior at Saltmarsh, Cleaveland... - January, 8 2010
- Philip de Boer promoted to Senior at Saltmarsh, Cleaveland & G... - January, 8 2010
- Gianotto, QPA, QKA promoted to Manager at Saltmarsh, Cleavelan... - January, 8 2010
- Lee Bell quoted in Tampa Bay Business Journal - December, 28 2009
- Justin Smith earned the designation of Certified Public Accoun... - December, 28 2009
- Our very own Nathan Botts quoted in the Jacksonville Business ... - December, 10 2009
- Kendra Branch has achieved certification as a 125 Cafeteria Pl... - September, 30 2009
- Trevia Buckner earned the designation of Certified Public Acco... - September, 28 2009
- Greg Storey has achieved the Certified Internal Auditor Design... - September, 17 2009
- Stephen MacBeth Graduates from the Alabama Banking School - August, 11 2009
- Florida Financial Services Acting Commissioner, Alex Hager, Ta... - June, 30 2009
- The United States Tax Court Issues Taxpayer-friendly Decision ... - April, 6 2009
- Saltmarsh, Cleaveland & Gund Expands Technology Service Offeri... - February, 19 2009
- Ron Jackson Awarded PACE Professional Leader of the Year - February, 18 2009
- Shannon Lands Earns Certification as a Senior Professional in ... - February, 17 2009
- Amy Infinger Stachowicz, CPA, promoted to Senior at Saltmarsh,... - January, 1 2009
- Beth Varhalla, CPA, promoted to Manager at Saltmarsh, Cleavela... - January, 1 2009
- Greg Storey, CPA, CHAE, promoted to Senior Manager at Saltmars... - January, 1 2009
- Allison Jones, CPA, promoted to Senior Manager at Saltmarsh, C... - January, 1 2009
- Lisa Fairbanks, CPA, promoted to Senior Manager at Saltmarsh, ... - January, 1 2009
- Molly Murphy Elected to Shareholder at Saltmarsh, Cleaveland &... - January, 1 2009
- Frank Riehle Appointed to Shareholder at Saltmarsh, Cleaveland... - January, 1 2009
Follow our feeds.