SEC’s Peirce says commission strays into corporate management, rather than oversight, in proposed cyber rule

Commissioner Hester Peirce says the SEC “went beyond our role” in a proposed cyber incident reporting and risk management rule for publicly traded companies, and should step back and engage with stakeholders before imposing requirements that distract from actual security efforts.

“One concern I have is that companies are already spending a lot on cyber – and they need to – but I don’t want to limit their effectiveness with [new] compliance burdens,” Peirce, the senior Republican on the SEC,...