Cybersecurity
SEC Hack Threatens a Bedrock of U.S. Capitalism: Transparency
- Cyberattack adds to growing list of incidents tied to Edgar
- Agency’s two-decade-old system was already drawing scrutiny
SEC Warns of Illegal Trade Profits From Edgar Hack
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The U.S. Securities and Exchange Commission hails its database of company filings as an innovation that’s dramatically boosted corporate transparency. But a hack that led to the theft of market-moving secrets is the latest sign that technology also brings dangers the SEC is struggling to combat.
The breach adds to a growing list of SEC embarrassments over Edgar, a massive online system where companies are required to disclose everything from stock sales by top executives to regulatory investigations. Past setbacks include fraudsters posting fake takeover announcements and allegations that some traders were getting access to market-moving news before others.