SEC adopts cyberattack disclosure rules, listed crypto firms included
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.
Related: Coinbase domain name reportedly used by scammers in high-profile attacks
Cryptocurrencies have been a prime target for North Korea state-backed Lazarus Group and other cybercriminals looking to pull off a high-value exploit. Lazarus Group has hacked cryptocurrency platforms well over $850 million across several high-profile exploits.
The cybersecurity rules were first proposed by the SEC in March 2022.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
The US Treasury has sanctioned a crypto wallet containing $350,000 tied to the alleged cybercrime hosting service Aeza Group.
Grayscale has slowly narrowed the arbitrage opportunities on its crypto trusts by converting them into exchange-traded funds.
Politics
Chief rabbi condemns BBC’s ‘mishandled response’ to anti-IDF chanting at Glastonbury – as Bob Vylan issue new statement
The chief rabbi has described the BBC’s response to anti-IDF chanting at Glastonbury as “belated and mishandled” – as the punk-rap duo involved, Bob Vylan, said the UK government needed to talk about its “criminal inaction”.
Sir Ephraim Mirvis said “vile Jew-hatred” had been aired at the Somerset music festival and it was a “time of national shame”.
Confidence in the BBC’s “ability to treat antisemitism seriously” has been brought to a “new low”, he said in a post on X, adding that “outright incitement to violence and hatred” appeared to be acceptable if it was couched as “edgy political commentary”.
Ordinary people had not only failed to see incitement “for what it is” but had cheered it, chanted it, and celebrated it, he said. “Toxic Jew-hatred is a threat to our entire society,” he added.
Bob Vylan, posting a new statement on Instagram on Tuesday, said they were “not for the death of Jews, Arabs or any other race or group of people”.
Rather, they were for the “dismantling of a violent military machine” – the Israel Defence Forces.
Bob Vylan chanted “death to the IDF” at Glastonbury. As many as 95% of the IDF are thought to be Jewish.
In their statement, the group said they were a “distraction from the story” and that whatever “sanctions” they received would also be a distraction.
Their US visas have been revoked and United Talent Agency, their US representatives, have dropped them.
Bob Vylan with their MOBO award in London in November 2022. Pic: Reuters
Referring to the war in Gaza, they claimed the UK government does not want them to ask “why they remain silent in the face of this atrocity”, “why they aren’t doing more to stop the killing” and “feed the starving”.
They added: “The more time they talk about Bob Vylan, the less time they spend answering for their criminal inaction.
“We are being targeted for speaking up. We are not the first, we will not be the last, and if you care for the sanctity of human life and freedom of speech, we urge you to speak up, too.”
It has emerged that Tim Davie, the BBC’s director-general, was at Glastonbury when the duo led chants of “Death to the IDF” which were broadcast live.
The prime minister’s spokesman, asked if the PM had confidence in Mr Davie, said Sir Keir Starmer had “confidence in the BBC”, adding: “The position of the director-general is a matter for the BBC’s board.”
Speaking in the Commons, Culture Secretary Lisa Nandy said “accountability” was important and it was something she had “impressed upon the BBC leadership”.
She added: “When you have one editorial failure, it’s something that must be gripped. When you have several, it becomes a problem of leadership.”
The cabinet minister said she’d called Mr Davie after Bob Vylan’s set had been broadcast to find out why it had aired, and why the feed had not been cut.
“I expect answers to these questions without delay,” she said.
Meanwhile Dame Caroline Dinenage, chair of the culture, media and sport committee, has written to Mr Davie in relation to the corporation’s Glastonbury coverage.
The committee has said the letter asks about editorial and decision-making processes and whether consideration was given to broadcasting with a delay. It also asks about staffing levels at the festival and contingency planning.
Lisa Nandy, the culture secretary, has claimed there is a ‘problem of leadership’ at the BBC. File pic: PA
Avon and Somerset Police has begun a criminal investigation and is reviewing footage of both Bob Vylan and Kneecap’s performances at Glastonbury.
The force said a senior detective had been appointed – and it had been contacted by people from around the world.
“We… recognise the strength of public feeling,” it said.
During Kneecap’s set, one member suggested starting a “riot” outside his bandmate’s forthcoming court appearance, before clarifying that he meant “support”. Liam Og O hAnnaidh, also known as Mo Chara, is charged with a terror offence.
Moglai Bap and Mo Chara of Kneecap performing at Glastonbury. Pic: Reuters
Bob Vylan had been due to tour the US before their visas were revoked.
US deputy secretary of state Christopher Landau said action had been taken “in light of their hateful tirade at Glastonbury, including leading the crowd in death chants”.
“Foreigners who glorify violence and hatred are not welcome visitors to our country,” he added.
👉 Listen to Sky News Daily on your podcast app 👈
During Bob Vylan’s set, the duo performed in front of a screen that showed several messages, including one that claimed Israel’s actions in Gaza amounted to “genocide”.
The war in Gaza began after Hamas militants attacked Israel on 7 October 2023 and killed 1,200 people and took about 250 hostage.
Israel’s offensive in Gaza has led to the deaths of more than 56,500 people, according to the Hamas-run health ministry, which does not differentiate between civilians and combatants.
Read more from Sky News:
Starmer faces rebellion at key welfare cuts vote
Trump piles more pressure on central bank chief
Media watchdog Ofcom has said the BBC “clearly has questions to answer” over the live stream from Glastonbury.
A BBC spokesperson said: “The director-general was informed of the incident after the performance and at that point he was clear it should not feature in any other Glastonbury coverage.”
The broadcaster respects freedom of expression but “stands firmly against incitement to violence”, they said.
They added: “The antisemitic sentiments expressed by Bob Vylan were utterly unacceptable and have no place on our airwaves…
“The team were dealing with a live situation, but with hindsight we should have pulled the stream during the performance. We regret this did not happen.”
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike