{"id":2163983,"date":"2024-01-31T13:58:01","date_gmt":"2024-01-31T18:58:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-issues-veto-threat-over-gop-push-to-overturn-sec-cyber-disclosure-rule\/"},"modified":"2024-01-31T14:04:58","modified_gmt":"2024-01-31T19:04:58","slug":"biden-issues-veto-threat-over-gop-push-to-overturn-sec-cyber-disclosure-rule","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-issues-veto-threat-over-gop-push-to-overturn-sec-cyber-disclosure-rule\/","title":{"rendered":"Biden warns of veto if GOP tries to overturn SEC cyber disclosure rule"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-issues-veto-threat-over-gop-push-to-overturn-sec-cyber-disclosure-rule%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2163983&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>President Biden\u200c Threatens Veto on Senate Resolution to Repeal Cybersecurity \u2063Rule<\/h2>\n<p>President Joe Biden is taking a firm stance against a Senate resolution that aims to overturn a crucial cybersecurity rule for public\u200d companies. Introduced by \u200bSen. Tom Tillis,\u200c the resolution seeks to rescind the Securities and Exchange Commission (SEC) rule, which \u200crequires companies to disclose their cybersecurity\u2064 practices and incidents. However, \u2064the White House \u200bhas announced Biden&#8217;s intention to veto the resolution, arguing that the rule promotes transparency, informs investors, and establishes consistent cybersecurity standards.<\/p>\n<h3>The Urgent Need for Transparency<\/h3>\n<p>The White House Office of Management\u2063 and Budget highlights the alarming\u200c rise\u2063 of \u2064ransomware attacks, which have increased \u2062by 45% compared to \u2064the\u2063 previous year. The lack of transparency from public companies regarding <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-colonial-pipeline-paid-nearly-5-million-in-ransom-to-hacker-group\/\" title=\"Report: Colonial Pipeline Paid Nearly  Million In Ransom To Hacker Group\">cyber incidents<\/a> \u200cis fueling these attacks across all sectors and industries. The SEC&#8217;s rule, by mandating greater\u200c transparency, aims\u200d to encourage corporate executives to invest in cybersecurity \u200band effectively manage cyber risks.<\/p>\n<h3>A Debate Over\u2063 Bureaucracy and Investor Protection<\/h3>\n<p>However, critics, including Senator Tillis, argue that the SEC rule adds unnecessary bureaucracy without directly addressing \u2063cybersecurity concerns.\u200d The \u2064White \u200bHouse counters this by \u2062emphasizing that \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stunning-reddit-shuts-down-wallstreetbets-subgroup-blames-racism-and-hate-speech-after-rookie-investors-in-general-public-make-money-causing-hedge-funds-to-go-bust\/\" title=\"STUNNING: Reddit Shuts Down WallStreetBets Subgroup \u2014 Blames Racism and Hate Speech \u2014 After Rookie Investors in General Public Make Money Causing Hedge Funds to Go Bust\">publicly traded companies<\/a> already have a fiduciary\u2062 duty to disclose significant cyber\u200c incidents that\u2064 could impact their operations, brands, and share prices. Reversing the SEC&#8217;s rule would not only disadvantage investors but\u2062 also undermine investments \u2063in cybersecurity\u2064 programs, posing risks to our\u2064 economic and national security.<\/p>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kamala-harris-solution-to-ongoing-border-crisis-fighting-climate-change\/\" title=\"Kamala Harris\u2019 Solution To Ongoing Border Crisis? Fighting Climate Change\">administration firmly believes<\/a> that the SEC&#8217;s disclosure requirements are essential for protecting investors and incentivizing cybersecurity investments.<\/p>\n<p>The Senate is set to consider\u200d the resolution on Wednesday.<\/p>\n<p> <\/p>\n<h2> What is the \u200cSenate resolution seeking \u200cto repeal with \u2062regards to cybersecurity rule for public companies?<\/h2>\n<p><span>  President Joe Biden has expressed his opposition \u200bto a Senate resolution seeking to repeal a \u2063crucial\u200d cybersecurity rule\u2064 for \u2062public companies. The resolution, introduced by Sen. Tom Tillis, aims to \u2063rescind the Securities and \u200bExchange Commission (SEC)\u200d rule that requires companies to\u2062 disclose their cybersecurity\u2064 practices and incidents. However, the\u200b White House has \u2063announced President Biden&#8217;s intention to veto the resolution, \u200carguing that the rule promotes transparency, informs investors, and establishes consistent\u200c cybersecurity standards.<\/p>\n<p>The urgent need for transparency in cybersecurity practices has been emphasized\u200d by\u2064 the \u2063White House Office of Management and Budget. They point to the alarming\u200b rise\u200c in ransomware \u200cattacks, which \u2063have increased by 45% compared to the previous year. The lack of transparency from\u2062 public \u200ccompanies regarding cyber incidents has contributed to the proliferation of these attacks across \u2062all sectors \u200band industries. The SEC&#8217;s rule, by mandating greater transparency, aims\u2062 to encourage corporate executives to invest in cybersecurity and effectively manage cyber risks.<\/p>\n<p>Critics \u200dof the SEC rule, including Senator Tillis, \u2062argue that it adds unnecessary bureaucracy without directly\u2063 addressing cybersecurity\u2064 concerns. \u200bThe White House counters this argument by emphasizing\u200b that publicly\u2062 traded companies already have a fiduciary duty \u2063to disclose significant\u200c cyber incidents that could \u200dimpact\u2064 their operations, brands,\u200c and share prices. Reversing\u2062 the\u2063 SEC&#8217;s rule \u200cwould not only disadvantage investors, but also undermine investments in cybersecurity\u2064 programs, \u200cposing risks to our economic and national security.<\/p>\n<p>The administration firmly believes that the \u2062SEC&#8217;s disclosure requirements are essential for protecting \u2062investors \u200band incentivizing cybersecurity investments.\u200c Their veto threat\u200d underscores their commitment to maintaining transparent and\u200d accountable cybersecurity practices in public companies.<\/p>\n<p>The Senate is set to consider the \u200dresolution on Wednesday, and the outcome of this debate will have significant implications \u200bfor \u200dcybersecurity practices and investor protection \u2063in the future. President Biden&#8217;s\u200d determination to \u2063veto the resolution \u2064sends a\u2064 clear message that cybersecurity and transparency are top\u200c priorities\u2063 for his administration.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is ready to veto a Senate resolution that aims to revoke the administration&#8217;s cybersecurity disclosure rule for public companies. Introduced by Sen. Tom Tillis (R-NC), the resolution seeks to rescind the Securities and Exchange Commission&#8217;s regulation on cybersecurity risk management, strategy, governance, and incident disclosures<\/p>\n","protected":false},"author":2652,"featured_media":2315279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2163983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2163983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2652"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2163983"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2163983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2163983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2163983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2163983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}