US News

Hacked: SEC Filing System Breached Last Year

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The SEC released Wednesday that it was hacked in 2016.

The scope of the hack isn’t fully realized yet, but officials believe the information was used for insider trading.

In a report released by The U.S. Securities and Exchange Commission, it was revealed that there was a breach of their computer systems sometime last year. The Wall Street Journal reports that the SEC didn’t find the breach until August of this year, however. This has been a terrible month for cyber security. The SEC revelation comes on the heels of the Equifax breach of thousands of users.

The hackers had access to non-public filing information. What that means is that they were able to gather information about company trades and changes before they were public. This would give the hackers (or whoever they were working for) the upper hand in stock trading. Additionally, it would allow them to maximize their earning potential and defer risk. This is a two-fold issue. First off, it is illegal to steal information through hacking. Secondarily, it is illegal to use non-public information for trading on the stock market, i.e. insider trading.

Statement from SEC Chairman, Jay Clayton:

“Cybersecurity is critical to the operations of our markets and the risks are significant and, in many cases, systemic. We must be vigilant. We also must recognize—in both the public and private sectors, including the SEC—that there will be intrusions, and that a key component of cyber risk management is resilience and recovery.”

Evil prospers?

It’s difficult to predict what the long term consequences of the recent breaches will be. At the very least, criminals probably got a lot richer over the last year. Despite trying to keep us safe, having our entire life on electronic devices leads to this type of breach. The world is not going to move off of this path, but you can take extra precautions to protect yourself. Look into ID theft protection. Keep non-electronic records. The world is a dangerous place, especially on the internet. Don’t allow yourself to be vulnerable.

About Bradley Brewer

Bradley Brewer

Writer/Contributor for Rogue Right Media | Founder of Liberty News 1776 on Twitter | Millennial | Christian Pro-Life Constitutional Conservative | Citizen Journalist | Second Amendment Advocate

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