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Globe/wire say SEC's White highlights hacker risks

2016-05-18 08:57 ET - In the News

The Globe and Mail reports in its Wednesday edition that cybersecurity is the biggest risk facing the financial system, the chairman of the U.S. Securities and Exchange Commission (SEC) said on Tuesday. A Reuters dispatch to The Globe says that banks around the world have been rattled by a $81-million (U.S.) cybertheft from the Bangladesh central bank that was funnelled through SWIFT, a member-owned industry co-operative that handles cross-border payment instructions between banks. The SEC has found that some major exchanges, dark pools and clearing houses did not have cyberpolicies in place that matched the sort of risks they faced, SEC chairman Mary Jo White told a conference in Washington. "What we found, as a general matter so far, is a lot of preparedness, a lot of awareness, but also their policies and procedures are not tailored to their particular risks," she said. Ms. White added that SEC examiners were pro-active about doing sweeps of broker-dealers and investment advisers to assess their defences against a cyberattack. "We can't do enough in this sector," she said. Cybersecurity experts said her remarks represented the SEC's strongest warning to date of the threat posed by hackers.

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