The SEC's proposed cybersecurity rules, mandating public companies to disclose "material" cyber-attacks within four days, may impose significant burdens on public companies, including banks.
Litigation & Arbitration partner Adam Fee addressed this subject during an interview with Global Bank Regulation Review. Mr. Fee stated that the impact of these rules will be “significant” and the four-day time limit “unprecedented” from an SEC perspective.
He noted that, “The rules pose a significant burden on banks to make fast judgments about materiality and disclosure.” Fee also says the banking industry has long expected the SEC to issue formal cyber rules, many spending “decades” building sophisticated internal cybersecurity infrastructures. “The US may even be at the international tail end of such rules. But the SEC’s proposed rules are more aggressive than most in the industry anticipated.”
To read his full commentary in the Global Bank Regulation Review article, “SEC Unveils “Aggressive” New Cybersecurity Protocol for Banks,” click here.
