SEC details approach to cybersecurity and discloses breach information
- SEC Chairman Jay Clayton today issued a statement highlighting the importance of cybersecurity to the agency and market participants, and detailing the agency’s approach to cybersecurity as an organization and as a regulatory body.
- An incident previously detected in 2016 may have provided the basis for illicit gain through trading.
- The flaw was exploited and resulted in access to nonpublic information.
"Data collection, storage, analysis, availability and protection (including security, validation and recovery) have become fundamental to the function and performance of our capital markets, the individuals and entities that participate in those markets, and the U.S. Securities and Exchange Commission ("Commission" or "SEC"). As a result of these and other developments, the scope and severity of risks that cyber threats present have increased dramatically, and constant vigilance is required to protect against intrusions. The Commission is focused on identifying and managing cybersecurity risks and ensuring that market participants – including issuers, intermediaries, investors and government authorities – are actively and effectively engaged in this effort and are appropriately informing investors and other market participants of these risks."
Read more:
SEC press release
SEC Statement on Cybersecurity
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