The SEC later sued a Bulgarian investor for allegedly orchestrating bogus acquisition bids for Avon and two other companies. The stock rocketed 20 percent, but it quickly dropped, burning anyone who’d bought shares of the cosmetics giant at pumped-up prices. In 2015, an impostor slipped through the EDGAR filing system with a bogus $8 billion takeover bid for Avon Products. The agency “clearly has not held itself to the same standard that it expects regulated companies to adhere to” and “needs to up its game,” he said in an interview Thursday. The 2011-12 investigation raised concerns of a potential breach of the exchanges’ information.ĭavid Weber, a professor at the University of Maryland’s business school and a former assistant SEC inspector general for investigations, worked on that probe. Some of the staffers used unencrypted laptops to store sensitive exchange information - and then carried the laptops to a Las Vegas conference for information-security professionals that is known to attract hackers. Experts note, however, that both agency and congressional investigators have been critical for years of the SEC’s handling of its information technology security.Įarly this decade, the SEC inspector general’s office uncovered security lapses involving SEC staffers who examined the data-protection systems of the stock exchanges.
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Those documents can cause enormous movements in the stock market, sending billions of dollars into motion in fractions of a second.Ĭlayton, a Wall Street attorney appointed by President Donald Trump to the SEC post, said the agency has been assessing its cybersecurity since he took over as chairman in May. EDGAR processes more than 1.7 million electronic filings a year.
AGENT UNDER FIRE HACK SOFTWARE
The SEC chief blamed the breach on “a software vulnerability” in the filing system known as EDGAR, short for Electronic Data Gathering, Analysis and Retrieval system. Mark Warner of Virginia, a member of the committee, said in a statement Thursday that the disclosures by the SEC and Equifax show “that government and businesses need to step up their efforts to protect our most sensitive personal and commercial information.” It comes just two weeks after the credit agency Equifax revealed a stunning cyberattack that exposed highly sensitive personal information of 143 million people.Ĭlayton is scheduled to appear Tuesday before the Senate Banking Committee, and he is certain to be questioned about the hack. The confidential information was said to be linked to clients of the firm considering mergers or acquisitions.Ĭlayton disclosed the hack in a statement posted to the SEC’s website. The SEC filed a similar civil action, marking the first time the agency laid charges of hacking into a law firm’s computer network. prosecutors in Manhattan brought criminal charges last December against three Chinese traders, accusing them of using nonpublic information stolen from two New York law firms to rack up nearly $3 million in illegal profits. Still, he added, the list also would include “regular old criminal actors.” “Certainly state actors would be on the list of suspects that come to mind,” said Marcus Christian, a former federal prosecutor who is an attorney working in Mayer Brown’s cybersecurity and national security practices. A hack by Chinese or Russian actors can’t be ruled out, experts say. The agency also didn’t disclose any information about who might have carried out the breach.
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The disclosure came two months after a government watchdog said deficiencies in the corporate filing system put the system, and the information it contains, at risk. The SEC didn’t explain why the initial hack was not revealed sooner, or which individuals or companies may have been affected. “The integrity of our whole trading system is dependent on keeping this information secure.
AGENT UNDER FIRE HACK TRIAL
“It took quite a while,” said Robert Cattanach, an attorney at Dorsey & Whitney and former trial attorney for the Justice Department, whose work includes cybersecurity and data breaches. While it discovered the breach to its corporate filing system last year, the agency says it only became aware last month that information obtained by the intruders may have been used for illegal trading profits. I expect them to take this requirement seriously,” SEC Chairman Jay Clayton warned in a speech in July.
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“Public companies have a clear obligation to disclose material information about cyber risks and cyber events.
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Experts question the length of time taken to disclose the breach, and why the SEC isn’t meeting the same security standards it demands of corporate America.