SEC rule for finance firms boosts disclosure requirements

The SEC announced rule changes for some financial companies that will require more customer disclosures when security incidents impact their personal information as well as mandate incident response programs. The new rule, however, is unlikely to change anything for enterprise financial companies as they were either already required to make such disclosures or already had incident response programs in place.

“Over the last 24 years, the nature, scale, and impact of data breaches has transformed substantially,” said SEC chair Gary …

change companies customer disclosure disclosures enterprise finance financial impact incident incident response incidents information personal personal information requirements response sec security