Tag Archives: SEC

The SEC Gets Hacked: What Now?

It was recently revealed that the Securities and Exchange Commission’s (“SEC”) EDGAR database, which is used by public companies to file official documents, was breached.  According to the SEC, trading off of that hacked information may have reaped millions of dollars for the hackers.  While discovering a hack is always startling for a private company, … Continue Reading

SEC Urges Investment Firms to Better Prepare for Ransomware Attacks

On May 17, 2017, the SEC’s Office of Compliance Inspection and Examination (“OCIE”) issued a risk alert urging broker-dealers, investment advisors and investment companies to safeguard themselves against ransomware in light of the recent global “WannaCry” ransomware attack that impacted entities in over one hundred countries, including Britain’s health system and major companies such as … Continue Reading

SEC Hints that Enforcement Actions on Lax Cybersecurity Might Be Coming

With the confirmation of Jay Clayton as the Chair of the Securities and Exchange Commission, comments made last month by the Acting Enforcement Director, Stephanie Avakian, regarding the importance of accurate reporting in the area of cybersecurity, and consequences of inaccurate reporting, may get lost.  At a speech last month, Ms. Avakian, on behalf of the … Continue Reading

SEC Fines Morgan Stanley for Data “Breach”

Last week, the SEC fined Morgan Stanley $1 million for two data security failures resulting in the exposure of personal information of 730,000 of its customers. Andrew Ceresney, the director of enforcement at the SEC stated, “Given the dangers and impact of cyberbreaches, data security is a critically important aspect of investor protection…we expect SEC … Continue Reading

Cybersecurity: It’s Not Just An “IT” Problem Anymore

Cybersecurity breaches made headlines in 2014, but how troubling is it?  Very, according to findings recently published by PricewaterhouseCoopers LLP (PwC). According to PwC’s research, global cybersecurity incidents will increase by 48% next year.  Unfortunately, financial losses resulting from these breaches are also on the rise and range from “1% to 3% of a nation’s … Continue Reading

Tech Companies, the Congo and Dodd-Frank

What do financial reforms in the U.S. and armed militias in the Congo have in common?  The answer might surprise you. The fourth anniversary of the Dodd-Frank Act has prompted renewed discussion over the effectiveness of the legislation.  Legislators continue their debate over the Financial Stability Oversight Committee and the Volcker Rule.  Others question the … Continue Reading
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