The US government has proposed new rules designed to address cybersecurity risks to the US securities markets, the Securities and Exchange Commission (SEC) said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 15th March, 2023) The US government has proposed new rules designed to address cybersecurity risks to the US securities markets, the Securities and Exchange Commission (SEC) said on Wednesday.
"The Securities and Exchange Commission today proposed requirements for broker-dealers, clearing agencies, major security-based swap participants, the Municipal Securities Rulemaking board, national securities associations, national securities exchanges, security-based swap data repositories, security-based swap dealers, and transfer agents (collectively, "Market Entities") to address their cybersecurity risks," the commission said in a statement.
The proposal would require all Market Entities to implement policies and procedures that are reasonably designed to address their cybersecurity risks. These entities should review and assess whether the design and effectiveness of their cybersecurity policies and procedures would improve the Commission's ability to obtain information about significant cybersecurity incidents at least annually, it added.
This initiative would improve the SEC's ability to obtain information about significant cybersecurity incidents, according to the statement.
SEC Chair Gary Gensler noted that the nature, scale, and impact of cybersecurity risks have grown significantly. He expressed confidence that this proposal would help to protect investors and markets.�
