Biden Will Veto Efforts to Spike SEC Breach Disclosure Rule

President Biden has warned he will veto congressional measures to overturn the SEC's new requirement that public companies disclose cybersecurity incidents. The White House and OMB argue greater transparency—citing a 45% year-over-year increase in ransomware—protects investors and incentivizes corporate investment in cybersecurity, while SJ Res.50 and a companion House resolution seeking to block the rule are progressing through Congress.