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Biden Will Veto Efforts to Spike SEC Breach Disclosure Rule

Posted on February 1, 2024 by Dissent

Jeffrey Burt reports:

President Biden is warning Congressional Republicans that he will veto any attempts to overturn the Securities and Exchange Commission’s (SEC) new requirement for public companies disclosing cybersecurity incidents.

In a brief policy statement this week, the White House said public companies not reporting cyberattacks that disrupt their operations not only harms investors who should know about incidents that could hurt their investments but also encourages more attacks.

“Ransomware attacks are up 45 percent year over year. The lack of transparency by public companies about cyber incidents impacting their operations and data is fueling increasing cyberattacks across all sectors and all industries,” the Office of Management and Budget wrote in the statement. “Greater transparency about cyber incidents, as required in the SEC’s rule, will incentivize corporate executives to invest in cybersecurity and cyber risk management.”

Biden’s veto threat comes as SJ Res. 50, introduced up by GOP senators in November 2023, and a companion resolution drawn up by Republicans in the House of Representatives wend their way through Congress.

Read more at Security Boulevard.

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Category: FederalLegislationOf NoteU.S.

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