Last week, the staff of the Securities and Exchange Commission (SEC) issued guidance on an issuer’s disclosures regarding cybersecurity risks and cyber incidents. In issuing this guidance, the SEC staff noted that they are mindful of the risk of providing a road map to cybercriminals who seek to infiltrate an issuer’s network security. No one wants that to happen. Therefore, the staff noted that detailed disclosures that could compromise cybersecurity efforts are not required under the federal securities laws.