House panel advances resolution to roll back controversial SEC cyber disclosure rule

The House Financial Services Committee has approved along party lines a resolution from Rep. Andrew Garbarino (R-NY) to roll back a controversial Securities and Exchange Commission rulemaking that went into effect in December to require publicly traded companies to disclose cyber incidents.

“Under this new reporting regime, public companies are required to publicly disclose any cybersecurity incident they determine to be material within four days of the company’s determination. Further, the final rule requires new annual report disclosures regarding a...