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SEC Discloses Hackers Penetrated EDGAR, Profited in Trading (usatoday.com)

Posted by msmash on from the security-woes dept.

Chris Woodyard, writing for USA Today: Hackers made their way into the Security and Exchange Commission's EDGAR electronic filing system last year, retrieving private data that appear to have resulted in "an illicit gain through trading," the agency said. It was only in August that the commission learned that hackers may have been able to use their illegal activities to make ill-gotten gains through market trading, said Chairman Jay Clayton in a lengthy statement posted on the SEC's website. EDGAR, which stands for Electronic Data Gathering Analysis and Retrieval, is considered critical to the SEC's operation and the ability of investors to see the electronic filings of companies and markets. The SEC says about 50 million documents are viewed through EDGAR on a typical day. It receives about 1.7 million filings a year.

4 of 48 comments (clear)

  1. Assumption by Archangel+Michael · · Score: 4, Interesting

    Lets just assume that everything has been hacked, and proceed from there.

    Because if it hasn't been hacked, then it will be. And if you think you haven't been hacked, you probably already have been.

    This is the safest assumption of all, and is more than likely to be accurate at some point.

    --
    Agent K: A *person* is smart. People are dumb, stupid, panicky animals, and you know it.
  2. Accountants by fluffernutter · · Score: 4, Insightful

    This will just get worse and worse until organizations understand that technology is as important to their business plan as proper accounting, lawyers and paying shareholders. Up until now it seems to be an afterthought, glommed on and budgeted like office supplies.

    --
    Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
    1. Re:Accountants by Rob+Riggs · · Score: 4, Interesting

      The information security professionals should define security standards, security auditing standards, and security reporting standards, much like we have in the financial realm, for all publicly traded companies. And they should lobby the SEC and Congress to mandate that these be filed with them just like quarterly financial statements. Actually, its far more likely that we can get the Europeans on board with this, and then it will eventually trickle down to the US.

      --
      the growth in cynicism and rebellion has not been without cause
  3. Re:Aren't filings on edgar public? by chill · · Score: 5, Informative

    Not everything in EDGAR is public. Some items are submitted to EDGAR in advance of actions, and aren't released to the public until later, on a set schedule.

    Those items can be used for frontrunning trades, and are essentially "insider information".

    --
    Learning HOW to think is more important than learning WHAT to think.