The SEC is disclosing that it lost sensitive market information in 2016 due to a hack, which may have been used for insider trading. Aside from the fact that hacking the SEC presents a major concern for investors, the real concern is that the Securities and Exchange Commission itself (the agency tasked with cracking down on corporate lapses in security standards and slow public announcements) has lost face. This underscores the urgent need for organizations to have a well thought out response model for actual attacks. As the top cop for corporations, implementing a high quality response strategy starts with the SEC.
Equifax reports that over 143 Million accounts have been hacked, exposing names, social security numbers, addresses, and 209,000 credit cards. The major warning is that most people affected may not know they are indirect customers of Equifax, one of three U.S. credit-reporting agencies. Please monitor your accounts and notify your financial institutions of any suspicious activity, regardless how small.
The Handbook of Research on Counterfeiting and Illicit Trade, featuring my chapter on music piracy, is available in print and electronic copy at Edward Elgar Publishing. Many thanks to chief editor, Dr. Peggy E. Chaudhry, for including me in this project.