Economy

SEC Discloses Edgar Corporate Filing System Was Hacked in 2016

SEC Discloses Edgar Corporate Filing System Was Hacked in 2016”

WASHINGTON-The top US markets regulator disclosed on Wednesday that hackers penetrated its electronic system for storing public-company filings and may have traded illegally on the information.

The Securities and Exchange Commission's chairman, Jay Clayton, revealed the breach in an unusual and lengthy statement issued Wednesday evening.

He added, though, that the regulator's investigation is continuing and that it's "coordinating with appropriate authorities". The statement provides an overview of the Commission's collection and use of data and discusses key cyber risks faced by the agency, including a 2016 intrusion of the Commission's EDGAR test filing system. While the agency says it detected the 2016 hack as it happened, the SEC discovered last month that the hackers may have profited by investing based on insider information stolen during the breach.

The SEC says hackers may have made money from breaking into its corporate filing system and gaining access to inside information about companies.

The SEC said it does not believe the cyberattack compromised personally identifiable information, such as names.

"Cybersecurity is critical to the operations of our markets and the risks are significant and, in many cases, systemic", said Chairman Clayton.

In 2017, on a typical day, investors and other market participants access more than 50 million pages of disclosure documents through the EDGAR system, which receives and processes over 1.7 million electronic filings per year, according to the SEC.



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