SEC reveals 2016 hack, possibility information was used for trading

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

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

Clayton goes on to disclose some of the potential ways the breach could have happened in the first place, including missing laptops containing nonpublic information, as well as instances where nonpublic information was transmitted through non-secured personal email accounts.

EDGAR holds non-public information on corporate announcements, including mergers and acquisition filings and quarterly statements.

"Notwithstanding our efforts to protect our systems and manage cybersecurity risk, in certain cases cyber threat actors have managed to access or misuse our systems", Clayton said in the statement.

Police interfered to decide on Burnley vs Leeds penalty shootout
However, they still have a number of good players, including a pair of Algeria internationals in Riyad Mahrez and Islam Slimani. Leeds eventually knocked Burnley out of the competition on penalties after the game finished 2-2.

The SEC, which regulates the financial securities industry, gave few details on the hack but said the hackers may have made "illicit gain through trading", NBC News reported.

Chris Pierson, CSO at electronic payment provider Viewpost, said the SEC breach was especially significant because the SEC's Division of Corporation Finance "spearheaded the requirement that public entities disclose material cybersecurity risks". But the damage was done, and in a statement, the commission said it found evidence in August that the intrusion may have given someone enough data to play the markets. With the public and lawmakers still reeling from Equifax's breach, the SEC intrusion is nearly certain to trigger additional questions over whether the US government can do more to protect data.

In the disclosure, made in a lengthy cybersecurity statement issued on Wednesday evening, the agency said that hackers had gained entry to this system during 2016. A number of filings are immediately posted on Edgar when they are submitted to the database, so it's unclear what kind of information is kept non-public that could be a target for hackers. Presumably this means they placed trades based on information from filings that hadn't been released publicly yet, profiting once the document hit the public database and moved stocks. In the case of the Equifax breach, credit card numbers for about 209,000 USA consumers, and certain dispute documents with personal identifying information for 182,000 United States consumers were accessed. Buried about 1,400 words in, you'll find an eyebrow-raising disclosure - the SEC was apparently hacked in 2016. That breach was discovered in 2016, he said, but the SEC did not learn about the possibility of unlawful trading until 2017.

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