CYBERWAR/SEC: “U.S. senators, already facing distress calls from constituents over the Equifax Inc. hack, criticized the Securities and Exchange Commission’s new leader on Tuesday for how the agency handled a 2016 breach of its cornerstone system for storing market-moving information…
Facing his first crisis as the SEC’s chairman, Jay Clayton suggested during a hearing that his agency may have mishandled how it initially responded to the breach. Sen. Sherrod Brown (D., Ohio) was even more critical of how Mr. Clayton revealed the intrusion, saying ‘it raises questions about why the SEC seems to have swept this under the rug.’…
The corporate-filing system that was breached, known as Edgar, is the SEC’s cornerstone system for storing and disseminating earnings announcements and other news that often moves stock prices. Edgar stands for Electronic Data Gathering, Analysis, and Retrieval System.
The SEC has invested tens of millions of dollars in recent years to upgrade Edgar, which was introduced in the early 1990s to equalize access to information between Wall Street and Main Street.”
-Dave Micheals and Andrew Ackerman, “Lawmakers Criticize SEC Chairman Over Handling of Hack,” The Wall Street Journal online, Sept. 26, 2017 11:13am