Public companies in the United States, including listed crypto firms, will be required to disclose any major cybersecurity incidents within a four-day time limit, under new rules adopted by the United States securities regulator.
The rules from the United States Securities and Exchange Commission require any public company to disclose a cyberattack within four days of it being deemed “material,” except in cases where such disclosure is deemed a possible national security or public safety risk.
Today we adopted rules to ensure that investors receive consistent information from public companies about material cybersecurity incidents as well as companies’ cybersecurity risk management, strategy, and governance.
— U.S. Securities and Exchange Commission (@SECGov) July 26, 2023
The rules have been adopted as of July 26, and will become effective 30 days following the publication of the adopting release in the Federal Register, said the SEC.
It will also require periodic reporting about a registrant’s policies and procedures to identify and manage cybersecurity risks and give periodic updates about previously reported cybersecurity incidents.
The incoming rules are intended to benefit investors by strengthening cybersecurity risk management measures, according to the SEC’s July 26 statement.
“Through helping to ensure that companies disclose material cybersecurity information, today’s rules will benefit investors, companies, and the markets connecting them,” explained SEC Chair Gary Gensler.
The new rules will apply to any publicly listed company in the United States. In the crypto industry, publicly-listed crypto firms include Coinbase (COIN), Marathon Digital (MARA), Riot Blockchain (RIOT) and Hive Digital Technologies (HIVE).
The SEC explained that an increase in digital payments and digitzed operations in the workforce combined with the ability of criminals to monetize cybersecurity incidents made the new rules a necessity to protect investors.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.