U.S. Banking Groups Request SEC to Revoke Cybersecurity Incident Disclosure Requirements

U.S. banking groups, led by the American Bankers Association (ABA), have asked the Securities and Exchange Commission (SEC) to revoke its requirements for disclosing cybersecurity incidents. In a letter sent to the SEC last week, these groups argued that the disclosure of cybersecurity incidents "directly conflicts with confidential reporting requirements intended to protect critical infrastructure and notify potential victims." Among the other signatories are representatives from the securities industry.