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Banking Groups Challenge SEC Cybersecurity Disclosure Rule
Banking Groups Challenge SEC Cybersecurity Disclosure Rule
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Five leading U.S. banking associations, spearheaded by the American Bankers Association, have formally requested the Securities and Exchange Commission to rescind its 2023 cybersecurity incident disclosure mandate. The coalition argues the regulation jeopardizes national security by disrupting confidential threat-sharing protocols critical for infrastructure protection.
The contested rule requires public companies to disclose material cyber incidents within four business days—a timeline banking groups claim impedes law enforcement coordination and incident containment. Industry representatives contend such disclosures could inadvertently arm malicious actors with tactical intelligence during active investigations.
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