Bank Policy Institute sharply criticizes SEC cyber incident disclosure rule, calls for recission under new chair

The Bank Policy Institute is renewing its call for the Securities and Exchange Commission to rescind a controversial rulemaking requiring publicly traded companies to disclose cyber incidents within four businesses days, with a blog post arguing the requirement is “a gift for bad actors.”

Under former SEC Chairman Gary Gensler, the commission “went to great lengths to regulate public companies for their cybersecurity practices over the last four years,” according to the April 8 BPI post. “It took unprecedented...