US SEC adopts new cyber rule, unveils brokerage AI proposal

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July 26 (Reuters) - Wall Street's top regulator on Wednesday adopted new rules requiring publicly traded companies to disclose hacking incidents, a measure officials said was to help the investing public contend with the mounting cost and frequency of cyber attacks.

On a party-line vote, the five-member U.S. Securities and Exchange Commission also voted to propose requiring broker-dealers to address conflicts of interest in the use of artificial intelligence in trading, a reform partly influenced by the events of the 2021 "meme stock" rally when officials found robo-advisers and brokers used AI and game-like features to drive user behavior.

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The new cybersecurity rule will require companies to disclose a cyber breach within four days after determining it is serious enough to be material to investors. The rule would allow delays if the Justice Department deems them necessary to protect national security or police investigations, the SEC said.

Companies will also have to periodically describe their efforts to identify and manage threats in cyberspace. The rule, first proposed in March 2022, forms part of a broader SEC effort to harden the financial system against data theft, systems failure and cyber-intrusions.

Read more at https://www.reuters.com/technology/us-sec-set-adopt-new-cyber-rule-unveils-brokerage-ai-proposal-2023-07-26/

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