Disclosure deadline missed
The SEC adopted cybersecurity disclosure guidelines in July 2023, requiring corporations to reveal materials incidents inside 4 enterprise days of figuring out materiality, below merchandise 1.05 of Kind 8-Okay. Firms can delay disclosure provided that the US Legal professional Common determines it poses substantial nationwide security or public security dangers.
The grievance alleges that Coupang didn’t obtain such an exemption. The corporate ought to have filed by November 24, following its November 18 discovery of the breach, however waited till December 16.
Between discovery and disclosure, media reviews prompted organizational upheaval. Park Dae-jun, CEO of Coupang’s South Korean operations, resigned December 10 after stating he would “take full duty for each the incident and the dealing with of the case.” Harold Rogers, Coupang’s common counsel and chief administrative officer, assumed the function of interim CEO of the Korean subsidiary.
