Ridge wants security disclosures

Homeland Security Secretary Tom Ridge recommended that public companies begin telling shareholders about their cybersecurity efforts.

Ridge told technology executives at the Oct. 9 Business Software Alliance's Global Tech Summit 2003 in Washington: "We think we need to talk about some kind of public disclosure. What are you doing about your security, physical and cybersecurity? Tell your shareholders, tell your employees, tell the communities with which you operate."

The disclosures would be similar to those that required companies to tell shareholders how they were preparing for the year 2000, Ridge said.

Cybersecurity disclosures are not currently required, but Ridge said: "We think it's worthy and timely to begin that discussion now."