Bankers Association’s attack on cybersecurity transparency

My article on Help Net Security highlighting how the banking industry is leveraging their powerful lobbying groups to try and undermine the U.S. Securities and Exchange Commission 4-day cybersecurity reporting rule, which has been in place for over a year.

Their cited reasons are absurd and I fear the hidden reasoning is likely tied to managing their image during an incident and reducing negative investor sentiment — all at the cost of more victims, unfair insider trading, and less accountability for cybersecurity!

This is truly shameful. Banks don't want the transparency that is necessary for investors or victims after a cybersecurity incident. The current reporting requirement helps protect everyone's interests and encourages the financial institution to properly address security issues.

Let me know what you think!

Full Article: https://www.helpnetsecurity.com/2025/06/03/bankers-association-attack-on-cybersecurity-transparency/

Lobby Statement to the SEC: https://www.sifma.org/resources/submissions/letters/petition-for-rulemaking-on-the-cybersecurity-risk-management-strategy-governance-and-incident-disclosure-rule-joint-trades

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