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Commentary by Steven Lofchie

SEC Chair Gary Gensler asserted that the agency "takes its cybersecurity obligations seriously" and that Commission staff recognize that the recent hack of the SEC's "X" account by an unauthorized party raises "concerns about the security of the SEC's social media accounts."

SIFMA joined the Bank Policy Institute and the American Bankers Association in support of the Federal Information Security Modernization Act of 2023. The Act would "enhance transparency over federal agency information security practices."

The Managed Funds Association warned that the SEC's proposed cybersecurity rules may cause the "unintended consequence of diverting advisers' resources during a critical window following discovery of an attack."