SEC UN­DER FIRE FOL­LOW­ING HACK

Austin American-Statesman Sunday - - MONEY & MAR­KETS EX­TRA -

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.

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