If you testify to the SEC that you didn't manage you division well enough to even know that basic security was being handled appropriately, as a shareholder, can I sue you for negligence?

Cause it sounds like you're testifying that you're just not doing your job in any meaningful capacity, and I should be able to include that as a fact in a civil suit, since you swore in public record that it was the truth.

Forcing them to testify that they didn't fulfill their duties to the shareholders in order to not be responsible personally for the breaches may introduce enough liability all on its own.