👉 The American Bankers Association and other banking groups have petitioned the SEC to repeal its cybersecurity incident public disclosure requirements. 👉 The groups argue that disclosing cybersecurity incidents compromises regulatory efforts to enhance national cybersecurity. 👉 The rule creates market confusion between mandatory and voluntary disclosures. 👉 Public disclosure has been weaponized as an extortion method by ransomware criminals to further malicious objectives.