SEC UNDER FIRE FOLLOWING HACK
The Securities and Exchange Commission waited until this week to disclose a hack of its corporate filing system that occurred last year. The disclosure raises questions about the agency's ability to protect important financial information and comes as Americans are still weighing the consequences of the massive hack at Equifax.
The SEC, the federal agency responsible for protecting investors and ensuring markets function properly, is under fire after disclosing the hack of its electronic network that whisks company news and data to investors. The breach occurred despite repeated warnings in recent years about weaknesses in the agency's cybersecurity controls.
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.
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.