WASHINGTON/NEW YORK (Reuters) - Wall Street’s top regulator faced questions on Thursday about its defenses against cyber criminals after admitting Hackers breached its electronic database of corporate announcements and may have used it for insider trading.
It comes two weeks after credit-reporting company Equifax ( EFX.N ) said hackers had stolen data on more than 143 million U.S. customers, and in the wake of last year’s cyber attack on SWIFT, the global bank messaging system.
Securities industry rules require companies to disclose cyber breaches to investors and the SEC has investigated firms over whether they should have reported incidents sooner.
In July, months after the breach was detected, a congressional watchdog office warned that the Wall Street regulator was “at unnecessary risk of compromise” because of deficiencies in its information systems.
In 2015, the commission unmasked a ring of stock traders and hackers who had accessed company press releases from distributors Marketwire, PR Newswire and Business Wire before the information was made public to make $100 million in illegal profits.
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