SEC votes to issue proposals on consumer data security, cyber requirements for financial entities

The Securities and Exchange Commission has voted to advance a trio of cyber-related proposals for financial sector entities, demonstrating commissioners’ bipartisan concern over cybersecurity challenges and a stark partisan divide over the proper approach to regulation.

The SEC at its Wednesday open meeting also reopened the comment period on the February 2022 “proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies, and business development companies.”

Industry groups last year...