Analysis

SEC Failed To Heed Warnings Of Weak Cyber Defenses

By Evan Weinberger (September 21, 2017, 12:38 PM EDT) -- A July government watchdog report warned the U.S. Securities and Exchange Commission that it had not fully put in place a system for monitoring cyber intrusions on its financial systems, even as the hack of a key electronic filing system for public company disclosures, which was revealed Wednesday, may have enabled insider trading.

SEC Chairman Jay Clayton said the intrusion was detected in 2016 and that it "may have provided the basis for illicit gain through trading." (Law360) The U.S. Government Accountability Office said a review of SEC cyber defenses conducted over the course of fiscal year 2016 found that the...

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