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New SEC Rules Require U.S. Companies to Reveal Cyber Attacks Within 4 Days

July 27, 2023

The U.S. Securities and Exchange Commission (SEC) on Wednesday approved new rules that require publicly traded companies to publicize details of a cyber attack within four days of identifying that it has a “material” impact on their finances, marking a major shift in how computer breaches are disclosed.

“Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors,” SEC chair Gary Gensler said. “Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way.”

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