At the recent Securities Enforcement Forum 2019, a panel that included several present and former SEC attorneys and defense counsel discussed the SEC’s Cyber Unit; the available guidance on cybersecurity disclosures; the challenges involved in deciding when to disclose a cyber incident, with lessons from recent enforcement actions; and the additional challenges that arise when multiple agencies are involved. This article reviews the key takeaways from the panel to give fund managers insight into the SEC’s cybersecurity priorities and expectations. Dixie Johnson, partner at King & Spalding, moderated the panel, which featured Robert A. Cohen, partner at Davis Polk & Wardwell and former Chief of the SEC’s Cyber Unit; Doug Davison, partner at Linklaters and former Counsel to former SEC Chair Arthur Levitt; Gerald Hodgkins, partner at Covington & Burling and former Associate Director of the SEC Division of Enforcement; and Carolyn M. Welshhans, Associate Director of the Division of Enforcement and acting Chief of its Cyber Unit. For coverage of another panel from the Securities Enforcement Forum 2019, see “Retail Investors, CAT Implementation, Enforcement Issues, Reg BI and SRO Oversight” (Dec. 12, 2019).