House lawmakers introduce legislation to roll back controversial SEC cyber incident disclosure rule

House Homeland Security cyber subcommittee Chairman Andrew Garbarino (R-NY) has introduced legislation directing the Securities and Exchange Commission to rescind a controversial rulemaking that will require publicly traded companies to disclose cyber incidents.

The SEC’s final rule, approved in July, requires publicly traded companies to report incidents within four days after determining the incident is material and sets up cyber risk management requirements. The incident reporting requirement will go into effect on Dec. 18. The rule contains a...