Banking Groups Demand SEC Revoke Cybersecurity Rule

Five major U.S. banking organizations have urged the Securities and Exchange Commission (SEC) to repeal its cybersecurity incident disclosure rule implemented in July 2023. The groups, including the American Bankers Association, expressed concerns that this rule hampers national cybersecurity efforts by interfering with confidential reporting on critical infrastructure. They argue the new rule creates uncertainty in the market due to its ambiguity on which disclosures are mandatory and which are optional.