The SEC’s Lawsuit Against Elon Musk Explains the Weed Number
The Securities and Exchange Commission has charged the Tesla CEO with fraud. Continue reading The SEC’s Lawsuit Against Elon Musk Explains the Weed Number
Category Archives: Securities and Exchange Commission
Second former Equifax staffer charged with insider trading
In another entry for the ‘what were they thinking’ file, a second former Equifax executive has been charged with insider trading in advance of the company’s massive data breach announcement last September. Continue reading Second former Equifax staffer charged with insider trading
SEC fines Yahoo remnant Altaba $35 million for failing to disclose breach
Altaba, the company formerly known as Yahoo, agreed to pay the Securities and Exchange Commission a $35 million fine for failing to disclose to investors a massive data breach for two years, the regulator announced Tuesday. Altaba agreed to pay the fine without admitting nor denying any wrongdoing. According to the SEC, Yahoo learned of an intrusion by Russian hackers in 2016 just days after it occurred. The incident resulted in the theft of sensitive information and credentials of 500 million users. And while news of the breach circulated within the company, Yahoo didn’t properly investigate the breach or consider whether to inform its investors, the SEC said. News of the incident only became public when Yahoo was in the midst of being acquired by Verizon. “Yahoo’s failure to have controls and procedures in place to assess its cyber-disclosure obligations ended up leaving its investors totally in the dark about a massive data breach,” said […]
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SEC commissioner: ‘our companies, and our country, are under attack’
The Securities and Exchange Commissioner says that corporations need to do more to protect investors from the financial damages of data beaches. Speaking at Tulane University’s Corporate Tulane Law School on Thursday, a leader of the SEC plainly stated that American companies are “under attack” from hackers. “The cyberthreat is not primarily a regulatory issue any more than it is primarily a technological issue. Cybercrime is an enterprise-level risk that will require an interdisciplinary approach, significant investments of time and talent by senior leadership and board-level attention,” SEC Commissioner Robert Jackson said. The SEC issued updated guidance last month for how companies should approach the issue of breach disclosure. Jackson said that he only reluctantly joined the guidance because it leaves too much discretion to corporate counsel to decide whether investors should be informed of an incident. “I worry that these judgments have, too often, erred on the side of nondisclosure, […]
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Former Equifax executive charged with insider trading after mega breach
A former Equifax executive is facing charges from both the Securities and Exchange Commission and the Department of Justice for insider trading before the company publicly announced a massive breach in September 2017. The SEC said in a press release that Jun Ying, Equifax’s former chief information officer, allegedly used privileged information to conclude that Equifax had suffered a breach and subsequently sold all of his stocks for a total of nearly $1 million. The agency claims that, by selling stocks before the company’s public notification, Ying dodged $117,000 in losses. “Ying used confidential information to conclude that his company had suffered a massive data breach, and he dumped his stock before the news went public,” said Richard Best, director of the SEC’s regional office in Atlanta in the release. “Corporate insiders who learn inside information, including information about material cyber intrusions, cannot betray shareholders for their own financial benefit.” The U.S. Attorney’s […]
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Cisco Patches Critical Flaws in Elastic Services Controller and UCDM
Cisco Systems has released security updates for its Unified Communications Domain Manager (UCDM) and Elastic Services Controller (ESC) products to address critical vulnerabilities. The vulnerability fixed in UCDM, which is used for unified communicatio… Continue reading Cisco Patches Critical Flaws in Elastic Services Controller and UCDM
Cisco Patches Critical Flaws in Elastic Services Controller and UCDM
Cisco Systems has released security updates for its Unified Communications Domain Manager (UCDM) and Elastic Services Controller (ESC) products to address critical vulnerabilities. The vulnerability fixed in UCDM, which is used for unified communicatio… Continue reading Cisco Patches Critical Flaws in Elastic Services Controller and UCDM
New SEC guidance: please don’t sell your stocks if you have insider info about a breach
The Securities and Exchange Commission wants companies to be more transparent about the way they handle data breaches. On Wednesday, the SEC issued an updated guidance regarding expectations that companies must meet in disclosing cybersecurity vulnerabilities and hacking incidents. The guidance is non-binding in nature, but outlines the bare minimum that companies must do, according to the SEC, to avoid legal trouble. The unanimously approved guidance details the ways public companies ought to be transparent with investors and other stakeholders when it comes to cyber risk. The memo tells companies to disclose information about incidents or vulnerabilities in a timely manner. In addition, the guidance addresses the issue of company officers selling shares before publicly disclosing a known cybersecurity incident. This was an issue which clouded the recent publication of two critical microchip flaws affecting Intel, AMD and ARM. “Given the frequency, magnitude and cost of cybersecurity incidents, the Commission […]
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SEC Blasts Canadian Cryptocurrency Startup As ‘Full-Fledged Cyber Scam’
ICO funds were used to pay for home decor. Continue reading SEC Blasts Canadian Cryptocurrency Startup As ‘Full-Fledged Cyber Scam’
SEC admits 2016 breach exposed personally identifiable information
The Securities and Exchange Commission announced Monday that the personal information of two people had been compromised in a database breach announced last month. The announcement reverses Chairman Jay Clayton’s previous statements about whether the breach exposed anyone’s personal information. “The ongoing staff investigation of the 2016 intrusion has now determined that an EDGAR test filing accessed by third parties as a result of that intrusion contained the names, dates of birth and social security numbers of two individuals,” an SEC press release published Monday notes. The SEC said that its ongoing investigation uncovered this new information after Clayton initially disclosed the breach in a Sept. 20 statement. The agency is offering the two unidentified individuals “identity theft protection and monitoring services,” according to the aforementioned press release. The commission has two separate, ongoing investigations into how the breach occurred and whether it resulted in illicit trading. The SEC said it is also […]
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