Dan 🎩🎭
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🚨 US Banking Groups Push SEC to Scrap Cybersecurity Disclosure Rule 😮 Five major US banking associations, including the American Bankers Association, have urged the SEC to revoke its cybersecurity incident disclosure requirement. They argue it conflicts with confidential reporting needs and could harm national security efforts. The rule, enacted in 2023, forces firms to quickly disclose hacks or breaches. Banks claim it complicates incident response, aids ransomware criminals, and creates legal risks. They specifically want "Item 1.05" removed from Form 8-K filings. Public crypto firms like Coinbase are affected—recently facing lawsuits after disclosing a $20M ransom attack. Scrapping the rule might give companies more time before public disclosures. #CryptoNews #CyberSecurity Follow me and Get your daily dose of crypto updates!
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