Matthew RosenquistFounder & CISO Advisor, Cybersecurity Insights · CISO, Cybersecurity Strategist, & Industry Advisor

Bankers Lobby to Undermine Cybersecurity Transparency

29 May 2025 · 1 min

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In this video, a cybersecurity professional denounces a coalition of banking lobbyists who have petitioned the U.S. Securities and Exchange Commission (SEC) to eliminate the rule that obliges public companies to disclose material cybersecurity incidents within four days of detection. The speaker explains that the rule, effective December 2023, was introduced to give shareholders and potential victims timely information to protect their assets—information that was inconsistently provided before the rule. He asserts that the six reasons the banking association offers for rescinding the rule are unfounded, expresses disappointment and aggravation, and promises to dissect each argument in the remainder of the video.

Chapters

A coalition of banking lobbyists have made a shameful request to the Security and Exchange Commission to remove the disclosure requirements that mandate reporting of material cybersecurity incidents within 4 days of detection. This rule was created to inform shareholders and notify victims so that they may make informed decisions, timely decisions, to protect themselves and their assets. Both of which were not being done consistently prior to the rule taking effect in December 2023. The banking association lobbyists have scraped together 6 reasons for this request, all of which are bogus. As a cybersecurity professional, I am disappointed and aggravated. So let's break them down.