Tag: Data breach

SEC ignored years of warnings about cybersecurity before massive breach – The Washington Post

For years before the Securities and Exchange Commission suffered a massive breach last year, federal watchdogs had warned the agency to encrypt the sensitive financial data stored in its networks. The Government Accountability Office delivered the admonition most recently in July, a month before the SEC’s leadership learned of the 2016 hack. But the agency’s advice to the SEC on…

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SEC Data Breach: Not Insider Trading, and Not Necessarily Subject to SEC Jurisdiction

Last week SEC Chairman Jay Clayton announced a data breach into the SEC’s EDGAR system, a vast database that contains information about company earnings, share dealings by top executives and corporate activity such as mergers and acquisitions. The announcement immediately made headlines warning of possible insider trading fraud. After all, accessing that EDGAR information before it’s disclosed publicly could allow…

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SEC staff forced to tell chairman about hack when stolen data used by inside trader – MarketWatch

Securities and Exchange Commission lawyers reluctantly realized while investigating an insider-trading case in August that it was time to tell new chairman Jay Clayton about a major breach of the agency’s systems that happened in 2016. Why now? Because despite immediately patching the hole that hackers went through, their case was based on the non-public information stolen from the SEC’s…

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SEC chair to face grilling from Senate panel over cyber breach — Reuters

The chairman of the U.S. Securities and Exchange Commission is expected to be grilled by Congress on Tuesday over a 2016 hack of the regulator’s corporate filing system that has shaken investor confidence in its cyber defenses. The hearing by the Senate Banking Committee, which had been scheduled prior to the disclosure of the breach last Wednesday, will offer lawmakers,…

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Investor group seeks probe into SEC hack, urges data rules delay | Reuters

The Investment Company Institute (ICI), which represents over 95 million U.S. shareholders, wants the SEC to clear up concerns about its cyber defenses before requiring funds to submit monthly performance data to the regulator, Paul Schott Stevens, the group’s chief executive, told Reuters in a phone interview. “What the SEC breach now makes very clear is precisely what we were…

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Sept. 26 Webcast: What Every C-Suite Executive Needs to Know Right Now About the Equifax Data Breach

The recent Equifax data breach is perhaps the largest in history and has barraged the company and its senior executives with a complex and challenging range of legal, financial and technological issues — issues that every corporation and its outside counsel will inevitably (and unfortunately) encounter. In this timely webcast, John Reed Stark, seasoned data response professional and former Chief…

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Hack Will Lead to Little, if Any, Punishment for Equifax – The New York Times

The hacking into Equifax’s trove of consumer and financial data that exposed the sensitive personal information of as many as 143 million Americans leads naturally to the question of the legal consequences the company and its executives might face. The answer, for those who remember the government’s response to the financial crisis, will be as familiar as it is unwelcome:…

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