Biden will veto attempts to kill off SEC's security breach reporting rules

The Biden administration, via OMB, opposes congressional resolutions to overturn the SEC’s four-day cyber incident disclosure rule and signaled a presidential veto, arguing transparency strengthens cybersecurity and protects investors. Supporters of the resolutions contend CISA should lead incident reporting under CIRCIA and that SEC rules duplicate efforts and burden resources, while FTC and SEC disclosure regimes are credited with contributing to reduced ransomware payments despite rising attacks.