🚹 U.S. Banking Giants Challenge SEC’s 4-Day Cyber Disclosure Rule!

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Five of America’s top financial associations — including the American Bankers Association and SIFMA — are calling on the SEC to repeal its controversial cyber incident disclosure rule. đŸ˜±


🔒 The rule currently requires public companies to disclose any material cyberattack within 4 business days — a policy introduced to increase transparency for investors.


🛑 But the banks say this rule is dangerous and counterproductive. Here’s why:


đŸ”č It hinders ongoing investigations

đŸ”č Exposes sensitive info during active breaches

đŸ”č Misleads investors if details are still unclear

đŸ”č Helps hackers by revealing system vulnerabilities

đŸ”č And it puts ransomware victims like Coinbase in an impossible position — Coinbase recently refused to pay a $20 million ransom after a major breach.



📌 What This Means:

âžĄïž Big banks and public companies fear more exposure and liability

âžĄïž The SEC is under pressure to balance transparency with security

âžĄïž Cyber risk is now central to corporate strategy — and crypto is at the frontlines



💬 Should companies have more time to investigate before going public with a breach — or should investors know immediately?


Let us know 👇


#SEC #Cybersecurity #Coinbase #Hacking #CryptoNews #BinanceSquare #DataBreach