SEC’s breach notification proposal one step closer to a final vote

Tonya Riley reports:

The Securities and Exchange Commission voted Wednesday 3-1 to approve a recommendation for tighter mandatory cybersecurity requirements for financial institutions. The proposed rule will now open to public comment before a final vote.

“The proposed rules and amendments are designed to enhance cybersecurity preparedness and could improve investor confidence in the resiliency of advisers and funds against cybersecurity threats and attacks,”  SEC Chairman Gary Gensler said at the agency’s open meeting.

Most critically, the new rule would require confidential reports of any “significant” cybersecurity incidents to the SEC within 48 hours.

Read more at CyberScoop.

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