CDK hack shows SEC disclosure standards are unsettled

[rbc]

As the damage from the ransomware attack on automotive software provider CDK Global has become clear over recent weeks, numerous auto dealers felt compelled to notify the Securities and Exchange Commission that the breach had harmed their operations.

CDK’s parent company, Brookfield Business Partners, which apparently paid nearly $25 million in ransom to attackers, does not feel the same way. In a press release issued July 3, the company said “we do not expect this incident to have a material impact on Brookfield Business Partners.”

Despite the attack’s downstream effect on the U.S. auto industry, CDK and its parent company did not file with the SEC under its new rules for reporting breaches.
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CDK hack shows SEC disclosure standards are unsettled