The research report by Zscaler highlights the inadequacy of cybersecurity expertise disclosure among S&P 500 companies, emphasizing the importance of clear communication to investors. Despite the SEC’s initial proposal to mandate such disclosures, the final rule omitted this requirement. The analysis found that while 82% of companies included a skills matrix in their proxy statements, only 17% listed cybersecurity as a standalone skill. Instead, cybersecurity was often bundled with other skills, leading to potential misinterpretation of a board's ability to oversee cybersecurity risks, thus posing a significant concern for investors.

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