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Marlon Paz Benedicte Gravrand, Opalesque Geneva: Cyber attacks are on the increase. One of the last victims was Equifax, a US credit scoring agency. As a result of its insufficient cybersecurity program, the agency was slapped with state and federal investigations, private lawsuits and a summons for chief executive Rick Smith to attend a congressional hearing. Equifax should serve as a broader warning about cybersecurity at financial institutions that are crucial to the smooth functioning of the economy, commented the Financial Times. Jay Clayton, chairman of the US Securities and Exchange Commission (SEC), said as much on Wednesday when the regulator revealed that a hack of its own systems last year may have allowed traders to reap illicit gains, the paper said.
Following the widespread ransomware attack known as WannaCry in May, the SEC said its Office of Compliance Inspections and Examinations (OCIE) had examined 75 SEC registered firms to assess industry practices and legal, regulatory, and compliance issues associated with cybersecurity preparedness.
In August, the SEC published a risk ...................... To view our full article Click here
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