It was just a year or so ago when the SEC learned first-hand what it’s like to experience a data breach. Like a cardiologist who suffers a heart attack and could uniquely empathize with patients, the SEC, after suffering the EDGAR data breach, could now uniquely empathize with the cybersecurity challenges faced by financial firms.
When the SEC sheepishly announced the data breach and the irony that stolen EDGAR information may have been used to profit in a securities fraud scheme perpetrated by the cyber-attackers, the SEC was imparted one important lesson first-hand: Outsider Trading Should be a Top SEC Enforcement Priority.
Unfortunately, the SEC appears to have ignored that powerful lesson.
‘Enforcement 40’ for 2020
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