SEC Cybersecurity Act of 2024

HR 8240, the SEC Cybersecurity Act of 2024, mandates a one-year GAO audit of the Securities and Exchange Commission’s (SEC) IT infrastructure and data handling practices. The audit will compare the SEC’s IT spending to other federal financial regulators, assess the quality of its IT contracting, evaluate cybersecurity systems, and review recent security incidents. The GAO must report findings and recommendations to the SEC and relevant congressional committees (Financial Services and Banking committees) to identify improvements. This procedural bill does not create new regulations but requires an independent review of the SEC’s current cybersecurity posture.