The SEC Data Breach And Impact On New Reporting Rules
Law360, New York (October 4, 2017, 1:02 PM EDT) -- The U.S. Securities and Exchange Commission disclosed recently that its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system, a comprehensive database of filings by public companies and other industry participants, was hacked in 2016 and that the intruders may have traded on the information. The announcement comes on the heels of the mutual fund industry requesting revisions to new SEC rules and reporting requirements, partly due to significant concerns over cybersecurity at the SEC.
The EDGAR breach perfectly illustrates those concerns at the same time that firms are preparing for the new reporting obligations, and adds to the clamor to delay...
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