SEC faces questions after cyber breach

Securities and Exchange Commission Chairman nominee Jay Clayton testifies on Capitol Hill in Washington at his confirmation hearing

The US Securities and Exchange Commission was hacked past year, and information gleaned from the intrusion "may have provided the basis for illicit gain through trading", the agency revealed this week.

Federal securities regulators said late Wednesday that hackers gained access to the government's electronic system for corporate filings and may have made illicit gains by trading on the information.

The agency announced the hack in the wake of a massive months-long hack of Equifax, a credit reporting agency, through which sensitive personal information of 143 million people was exposed.

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"Effective management of internal cybersecurity risk is critical to the SEC achieving its mission and to protecting the nonpublic information that is entrusted to this agency", SEC Commissioner Michael Piwowar said in a statement.

Earlier this year the SEC filed fraud charges against a mechanical engineer who was accused of "scheming to manipulate the price of Fitbit stock by making a phoney regulatory filing" on the EDGAR system.

This includes the possibility that hackers have used information gained in the hack to take part in illicit gain through trading.

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While the 2016 SEC breach was known by the agency, it was never disclosed to the public; the expanded impact of the incident was not uncovered until August, more than one year after the attack. It was also discovered that staff have used private, unsecured email accounts to transfer confidential information. He admitted that an attacker infiltrated the agency's EDGAR database in 2016 by exploiting a software vulnerability to gain access to non-public info.

The markets regulator said the.

The agency said it did not believe that the breach had involved personal information or that it would jeopardize the agency's activities. In the case of the Equifax breach, credit card numbers for about 209,000 United States consumers, and certain dispute documents with personal identifying information for 182,000 U.S. consumers were accessed. The credit reporting agency said hackers infiltrated its system, stealing significant personally identifiable information through a vulnerability in a USA website application.

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Here's what we know about the SEC data hack. "We must be vigilant". It also found that the SEC did not always encrypt information and had failed to fully implement recommendations from the GAO that would help detect intrusion. The SEC says a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016.

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