The White House on Wednesday affirmed its commitment to a Securities and Exchange Commission rule that would require publicly traded firms to disclose cybersecurity incidents, declaring that President Joe Biden will veto any legislative efforts to shutter the agency regulation.
“Reversing the SEC’s rulemaking would not only disadvantage investors who deserve to have a clear understanding of the cyber risk underlying their investment but would also cause companies to undervalue investments in cyber programs to the detriment of our economic and national security,” the Office of Management and Budget said in a statement referring to a November resolution led by Sen. Tom Thillis, R-N.C. that would nullify the rules.
