SEC Plans Cybersecurity Meeting

The Securities and Exchange Commission said that its making plans to conduct a roundtable next month to discuss cybersecurity, after massive retailer breaches refocused the attention of the business community and policymakers on the area.

The SEC said that it would hold the event on March 26 to talk about the challenges cyber threats pose for market participants and public companies.

Recent breaches at Target Corp and Neiman Marcus have sparked concern from lawmakers and revived a long-running spat among retailers and banks over who should bear the cost of consumer losses and technology investments to improve security.

Last Thursday, trade groups for the two industries announced they are forming a partnership to work through the disputes.

U.S. lawmakers have also considered weighing in on how consumers should be notified of data theft. But progress on legislation is not guaranteed in a busy election year.

The SEC in 2011 drafted informal staff-level guidance for public companies to use when considering whether to disclose cyber attacks and their impact on a company’s financial condition.

SEC Chair Mary Jo White last year told Congress that her agency was reviewing whether a more robust disclosure process is needed. But she told reporters last fall she felt the guidance appeared to be working well and that she didn’t see an immediate need to create a rule that mandates public reporting on cyber attacks.

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Will Twitter IPO Shares Reach $20?

Twitter has decided to price its IPO shares between $17 and $20 when it lists on the New York Stock Exchange, the company said in its filing.

Based on an assumed initial public offering price of $18.50 — the midpoint of the range — Twitter estimates the net proceeds from the sale of shares of common stock will be roughly $1.25 billion, the company said in documentsfiled with the U.S. Securities and Exchange Commission.

Some 80.5 million shares of common stock will be registered, according to the filing.

Releasing its IPO price range positions Twitter to begin its “road show,” seeking to raise funds from investors across the country. In documents filed last week, the company said it would list its shares under the ticker symbol TWTR on the New York Stock Exchange, representing a big win for the market over rival Nasdaq.

Twitter has yet to determine a date for the listing, though one report suggested Nov. 15 could be the day.

Twitter’s IPO is likely to be one of the hottest of the year and the most prominent in social media since Facebook went public last year. Twitter’s share price range will be markedly lower than Facebook’s, which priced its IPO at $38 per share.

Twitter filed for its highly anticipated public offering earlier last  month.

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SEC Asks Companies To Disclose Attacks

U.S. securities regulators formally asked public companies for the first time to disclose cyber attacks against them, following a trend of high-profile cyber crimes.

The Securities and Exchange Commission issued guidelines on Thursday that laid out the kind of information companies should disclose, such as cyber events that could lead to financial losses.

Senator John Rockefeller had asked the SEC to issue guidelines amid concern that it was becoming hard for investors to assess security risks if companies failed to mention data breaches in their public filings.

“Intellectual property worth billions of dollars has been stolen by cyber criminals, and investors have been kept completely in the dark. This guidance changes everything,” Rockefeller said in a statement.

“It will allow the market to evaluate companies in part based on their ability to keep their networks secure. We want an informed market and informed consumers, and this is how we do it,” Rockefeller said in a statement.

There is a growing sense of urgency about cyber security following breaches at Google Inc, Lockheed Martin Corp, the Pentagon’s No. 1 supplier, Citigroup, the International Monetary Fund and others.

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