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ARTICLE · 14 APRIL 2023

SEC's New Cybersecurity & Tech Proposals Target Gaps In Incident Response And Notification

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On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) voted to propose three measures to protect customer information and hold covered institutions accountable for cyberattacks.

United StatesTechnology
Natasha Kohne
Natasha Kohne
Michelle Reed
Michelle Reed
Molly Whitman
Molly Whitman
Joseph Hold
Joseph Hold
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On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) voted to propose three measures to protect customer information and hold covered institutions accountable for cyberattacks.

The first set of measures would expand requirements under Regulation S-P for "covered institutions"—broker-dealers, registered investment advisors, investment companies and transfer agents. Key enhancements include:

  1. Applying the protections of the safeguards rule (Rule 248.30(a)) and disposal rule (Rule 248.30(b)) to "customer information," a new defined term that would include both nonpublic personal information that a covered institution collects about its own customers and nonpublic personal information that a covered institution receives about customers of other financial institutions.

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