Risky Bulletin Newsletter
July 28, 2023
Risky Biz News: SEC adopts new cybersecurity rules; adopts 4-day disclosures
Presented by
![Catalin Cimpanu](/static/img/catalin-cimpanu.jpg)
News Editor
The US Securities and Exchange Commission has passed a new set of cybersecurity rules for publicly traded companies.
The new rules would require companies to disclose any cybersecurity incident to the SEC within four days after a company has deemed the incident grave to be "material." In the context of the SEC, material refers to events that impact a company's operations, finances, or may sway shareholder voting decisions—so it's likely to cover quite a lot of incidents.
The new rule is not without its fair share of controversy. The rules passed in a close 3-2 partisan vote following more than a year of negotiations and rulemaking. Both Republican-appointed members voted against it.