U.S. Banking Groups Demand Repeal of Four-Day Cybersecurity Disclosure Rule

Five major U.S. banking associations, including the American Bankers Association (ABA), have urged the Securities and Exchange Commission (SEC) to repeal its new cybersecurity disclosure rule requiring companies to report material incidents within four days. According to ChainCatcher, they argue that this regulation poses potential risks to national security and undermines law enforcement operations, particularly in protecting critical infrastructure and sensitive financial systems.