I’m glad that SEC Commissioner Luis Aguilar raised the alarm about cyber-security risks last week. The question is whether anyone will hear it, and I fear the answer is no.
In some ways Aguilar’s speech was important. He is an unofficial stalking horse for policy at the Securities and Exchange Commission, where positions he stakes out early tend to get included formal SEC decisions later. He’s also an activist commissioner, always calling for more: more disclosure in corporate filings; more aggressive pursuit of wrongdoers—and more oversight duties for boards of directors. So when I saw that last bit would be the subject of an Aguilar speech at the New York Stock Exchange last week, I dove into it.
