SEC reveals 2016 hack that may have been used for illegal trades – Los Angeles Times

The Securities and Exchange Commission said Wednesday that a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016.

In a statement posted on the SEC’s website, Chairman Jay Clayton said a review of the agency’s cybersecurity risk profile determined that the previously detected “incident” was caused by “a software vulnerability” in its EDGAR filing system.

The statement said the software was patched quickly after the hack was uncovered in 2016, although the possibility that some may have used it to make illegal profits was only discovered last month.

The SEC revelation comes as Americans continue to grapple with the repercussions of a massive, months-long hack of Equifax, a credit reporting agency, which exposed highly sensitive personal information of 143 million people.

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