Congressional Bills,H.J. Res. 100 (RH) – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure.

Congressional Bill H.J. Res. 100: Disapproval of SEC Cybersecurity Rule

Article Date: 2024-11-02 05:35

Bill Title: H.J. Res. 100 (RH) – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure.

Summary:

H.J. Res. 100 is a joint resolution introduced in the House of Representatives that seeks to disapprove a rule submitted by the Securities and Exchange Commission (SEC) on cybersecurity risk management, strategy, governance, and incident disclosure.

Background:

In November 2022, the SEC adopted a final rule requiring publicly traded companies to enhance their cybersecurity disclosures and incident reporting. The rule mandates companies to:

• Implement written cybersecurity risk management policies and procedures
• Establish a board of directors cybersecurity oversight committee
• Disclose major cybersecurity incidents within 48 hours
• Periodically report on their cybersecurity risk management programs

Arguments for Disapproval:

Supporters of H.J. Res. 100 argue that the SEC rule is:

• Unwarranted: They contend that existing regulations already adequately address cybersecurity risks.
• Overly broad: The rule’s broad scope could impose excessive compliance costs on businesses.
• Unclear: They raise concerns about the vagueness of certain provisions, which could lead to inconsistent enforcement.

Arguments for Approval:

Opponents of H.J. Res. 100 maintain that the SEC rule is:

• Necessary: They argue that the increasing frequency and severity of cyberattacks warrant stronger cybersecurity measures.
• Reasonable: The rule’s requirements are reasonable and proportionate to the risks involved.
• Clarifying: The rule provides much-needed guidance to companies on best practices for cybersecurity management.

Current Status:

As of November 2024, H.J. Res. 100 is pending in the House Committee on Financial Services. If passed by the House, it will need to be approved by the Senate and signed by the President to become law.

Implications:

If approved, H.J. Res. 100 would prevent the SEC’s cybersecurity rule from taking effect. This would significantly impact the SEC’s ability to regulate cybersecurity risks faced by publicly traded companies. Alternatively, if the rule is not disapproved, it would take effect in early 2025, requiring companies to comply with its provisions.

Conclusion:

H.J. Res. 100 is a controversial bill that reflects the ongoing debate over the appropriate role of government regulation in cybersecurity. The outcome of this bill will have significant implications for the regulation of cybersecurity in the US financial sector.

---

H.J. Res. 100 (RH) – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure.

The AI has provided us with the news.

I’ve asked Google Gemini the following question, and here’s its response.

Congressional Bills a new article on 2024-11-02 05:35 titled “H.J. Res. 100 (RH) – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure.”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.

15