Mike Delaney

And this is all public, by the way, I'm not using names, but it's public information. When that happened, it took them months to kind of figure out and get their arms around how far these folks had infiltrated the information that they accessed. Of course. So whether it was material or not was not something they could decide.

And this is all public, by the way, I'm not using names, but it's public information. When that happened, it took them months to kind of figure out and get their arms around how far these folks had infiltrated the information that they accessed. Of course. So whether it was material or not was not something they could decide.

The SEC, because this is important information that's happening in real time, told companies, you need to report this within four business days of making determination that it's material. Companies have played that going, well, I don't know if it's material yet, so I'm not going to say anything. Well, the SEC hasn't really been keen on that.

The SEC, because this is important information that's happening in real time, told companies, you need to report this within four business days of making determination that it's material. Companies have played that going, well, I don't know if it's material yet, so I'm not going to say anything. Well, the SEC hasn't really been keen on that.

It's like, no, the whole point was to let people know you had a problem.

It's like, no, the whole point was to let people know you had a problem.

You think it's going to be material. So they've worked around that a little bit. And they said to companies that, hey, if you don't know if it's material, our advice is report it. And there's a way under the SEC filing structure that you can report it and not have liability.

You think it's going to be material. So they've worked around that a little bit. And they said to companies that, hey, if you don't know if it's material, our advice is report it. And there's a way under the SEC filing structure that you can report it and not have liability.

So you can come out and say, hey, guys, I don't know if this is going to be what it is yet, but we're going to let you know we had this infiltration. We're currently assessing it. If we deem it to be material, we will let you know. So that's one way that they've done it. But again, the whole point is information of these events is not necessarily always available.

So you can come out and say, hey, guys, I don't know if this is going to be what it is yet, but we're going to let you know we had this infiltration. We're currently assessing it. If we deem it to be material, we will let you know. So that's one way that they've done it. But again, the whole point is information of these events is not necessarily always available.

Public company world, it's becoming more available because the SEC got involved. There is an exception to that I mentioned to you earlier before we got on the call, that there are exceptions if the DOJ or FBI are involved. And as you know, when an event happens, oftentimes they're one of the first few to get a call if it's bad enough.

Public company world, it's becoming more available because the SEC got involved. There is an exception to that I mentioned to you earlier before we got on the call, that there are exceptions if the DOJ or FBI are involved. And as you know, when an event happens, oftentimes they're one of the first few to get a call if it's bad enough.

And then they have an interest in maybe coming to a public company and saying, hey, hold your horses. Don't let the cat out of the bag on this yet. We have a lead. We don't want to scare it away or have them cover their tracks out there in the internet world. Or B, this is actually a bigger issue than just you. This is a national security problem. They've attacked multiple manufacturers at once.

And then they have an interest in maybe coming to a public company and saying, hey, hold your horses. Don't let the cat out of the bag on this yet. We have a lead. We don't want to scare it away or have them cover their tracks out there in the internet world. Or B, this is actually a bigger issue than just you. This is a national security problem. They've attacked multiple manufacturers at once.

Don't say anything. And then there's an exception that you can work through. All of it requires you working with your attorney and everything else. But

Don't say anything. And then there's an exception that you can work through. All of it requires you working with your attorney and everything else. But

That's why it's important to report too, so they can have that evidence to gather to catch the bad guy or gal.

That's why it's important to report too, so they can have that evidence to gather to catch the bad guy or gal.

And again, that goes back to that balancing that desire not to go and cause a reputational problem and maybe buckling up your big boy pants and saying, if you have a problem, we just got to fess up and let's just deal with it. You know what? They're happening all over the place anyway. You're not the only one.

And again, that goes back to that balancing that desire not to go and cause a reputational problem and maybe buckling up your big boy pants and saying, if you have a problem, we just got to fess up and let's just deal with it. You know what? They're happening all over the place anyway. You're not the only one.