Amid data breach crisis, SEC head tells Congress he doesn’t know much
Securities and Exchange Commission chairman Jay Clayton told a panel of Senators on Tuesday that an investigation into his agency’s recently revealed data breach is ongoing and that he is looking to hire additional staff to help protect the agency’s network and data. Sitting before the Senate Banking, Housing and Urban Affairs Committee, Clayton fielded questions about the SEC breach as well as the Equifax breach, which occurred last month. In a lengthy written statement released last week, Clayton said that the SEC detected a breach into its EDGAR system in 2016. The database houses corporate disclosures that are not always immediately available to the public, meaning it could be used for insider trading. Clayton told the committee that the breach was made possible by a defect in a custom piece of software used by the independent regulator. While an exact timeline of the breach is unclear, a fix was pushed […]
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