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Banking Lobby Flexes Muscle: Industry Groups Demand SEC Scrap Cybersecurity Disclosure Rule
Banking Lobby Flexes Muscle: Industry Groups Demand SEC Scrap Cybersecurity Disclosure Rule
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Wall Street’s heaviest hitters are circling the wagons—again. A coalition of banking groups is pressuring the SEC to gut a rule requiring real-time cyberattack disclosures, arguing it exposes ’sensitive vulnerabilities.’ Because nothing reassures investors like opacity, right?
The pushback comes as ransomware attacks surge 300% since 2020, but hey—who needs transparency when you’ve got stock buybacks? Critics warn the repeal effort smells like banks prioritizing PR over accountability. Meanwhile, the SEC hasn’t blinked—yet.
Funny how ’pro-business’ always seems to mean ’pro-wall-street-bonuses.’ The rule stays, and suddenly we’ll discover banks can indeed secure systems without crying regulatory overreach.
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