Wall Street's top regulator on Wednesday adopted new rules requiring publicly traded companies to disclose hacking incidents, a measure officials said was to help the investing public contend with the mounting cost and frequency of cyber attacks.
The five-member U.S. Securities and Exchange Commission was also set to issue a proposal governing potential conflicts of interest in broker-dealers' use of artificial intelligence, a reform partly influenced by the events of thewhen officials found robo-advisers and brokers used AI and game-like features to drive trading.
Companies will also have to describe periodically what efforts they are making to identify and manage threats in cyberspace. The rule,in March of 2022, forms part of a broader SEC effort to harden the financial system against data theft, systems failure and cyber-intrusions.
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