Category Archives: Securities and Exchange Commission

Amid data breach crisis, SEC head tells Congress he doesn’t know much

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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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Israeli hacking firm Ability under SEC investigation, adding to its woes

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At a glance, the private hacking and surveillance industry is rich and getting richer. Yet that industry boom doesn’t mean every company is raking in millions. Amid the high demand for surveillance tech, there is a multimillion-dollar Israeli firm whose future is very much in doubt. Ability Inc. is staring at a mountain of business and legal challenges. The 23-year-old company is currently under investigation by the Securities and Exchange Commission for allegedly lying about products and finances. It’s also facing an investor lawsuit for many of the same allegations, was nearly delisted from NASDAQ and has watched nearly a dozen board members resign in the last year. At the heart of the lawsuits are allegations that Ability lied for years about the company’s ability to develop, sell and deploy its flagship product. The tool, which is spyware designed to eavesdrop on any mobile phone, was not developed by Ability nor does the company […]

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Yahoo Tells SEC Executives Failed to Act on Breach

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Yahoo said in its latest SEC filing that executives and legal reps failed to act sufficiently on the information they had about breaches that exposed more than 1 billion account records. Continue reading Yahoo Tells SEC Executives Failed to Act on Breach→