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Globe/wire say data breach embarrasses SEC

2017-09-22 07:53 ET - In the News

The Globe and Mail reports in its Friday edition that Wall Street's top regulator came under fire on Thursday about its cybersecurity and disclosure practices after admitting hackers had breached its database of corporate announcements in 2016 and may have used it for insider trading. A Reuters dispatch to The Globe says that the U.S. Securities and Exchange Commission's EDGAR filing system houses market-moving information with millions of corporate filings ranging from quarterly earnings to statements on acquisitions. The SEC said on Wednesday evening that it had discovered last month that cybercriminals may have used a hack detected in 2016 to make illicit trades. The SEC disclosure came two weeks after credit-reporting company Equifax Inc. said a breach has exposed sensitive personal of data up to 143 million U.S. customers and follows last year's cyberattack on SWIFT, the global bank messaging system. It is particularly embarrassing for the SEC and its new boss, chairman Jay Clayton, who has made tackling cybercrime one of the top enforcement issues. The SEC is investigating the source of the hack, but it did not say exactly when it happened or what sort of non-public data was retrieved.

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