SEC reveals 2016 hack that breached its filing system and possibly led to insider trading – Business Insider

Jay Clayton S.E.C. ChairmanJay
Clayton, Chairman of the U.S. Securities and Exchange Commission
(S.E.C.) speaks to the Economic Club of New
York.
REUTERS/Brendan
McDermid

NEW YORK (AP) — The Securities and Exchange Commission says a
cyber breach of a filing system it uses may have provided the
basis for some illegal trading in 2016.

In a statement posted Wednesday evening on the SEC’s website,
Chairman Jay Clayton says a review of the agency’s cybersecurity
risk profile determined that the previously detected “incident”
was caused by “a software vulnerability” in its EDGAR filing
system.

The SEC chairman says this breach did not result in exposing
personally identifiable information.

The SEC files financial market disclosure documents through its
EDGAR system, which processes over 1.7 million electronic filings
in any given year.

Clayton’s statement also mentioned that a 2014 internal review
was unable to locate some agency laptops that may have contained
nonpublic information.

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