Banking Groups Push Back Against SEC Cybersecurity Rule After $400 Million Coinbase Hack

Five major banking groups have formally challenged the Securities and Exchange Commission’s (SEC) cybersecurity incident disclosure rule, arguing it hinders national security efforts and creates more problems than solutions. The American Bankers Association spearheaded this petition, which requests the repeal of Item 1.05 on Form 8-K reporting requirements. This petition challenges the basis for public disclosure requirements related to cyber incidents in light of existing confidential reporting mechanisms.