SEC proposes slew of new cyber rules to secure financial entities


Last week, the Securities and Exchange Commission unveiled a number of new proposed rules that would increase the categories of client information covered by data privacy laws and mandate that broker-dealers tell customers of data breaches within 30 days and immediately notify the authorities.

According to SEC Chair Gary Gensler, the three distinct proposed rules for market organisations are intended to standardise cybersecurity risk disclosure and improve financial stability. The public may now remark on them for the next 60 days before another voting period.

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