Banking Industry Battles SEC’s Cyber Rule: Chaos or Compliance?
The US banking industry is lobbying to repeal the SEC’s new cyber incident rule, claiming it adds chaos to their already hectic compliance calendar. With 45 federal reporting requirements to juggle, it’s like trying to keep 22 spinning plates in the air without dropping a single one.
Hot Take:
Oh, SEC! You’re trying to make banks disclose their cyber skeletons faster than they can say “phishing scam,” and the banking industry is just not having it! It’s like asking a turtle to sprint – sure, it’s possible, but not without a lot of grumbling and a few hurdles along the way. Maybe the SEC should’ve thrown in a free IT support team with the rule?
Key Points:
- The SEC rule demands disclosure of material cybersecurity incidents within four days.
- Five major banking associations are lobbying against this rule.
- The rule is criticized for adding complexity to existing reporting obligations.
- Banking groups claim the rule can lead to premature disclosures.
- There are concerns that ransomware groups could exploit the rule.
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