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Data breaches hound SEC’s CAT plan, inspire legislation

Joe Mont | October 11, 2017

A massive new Securities and Exchange Commission database faces renewed scrutiny after recent revelations of a cyber-breach. It is also serving as a catalyst for legislative action.

Rep. Warren Davidson (R-Ohio) has introduced the Market Data Protection Act, a House bill that directs the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and Thesys Technologies “to accelerate cyber-security risk controls before collecting data in the Consolidated Audit Trail to prevent future hacker attacks.”

“We need to make sure our house is in order at the SEC,” Davidson said in a statement. “The CAT will be the world’s largest repository of securities transactions and the second largest database in the country. Given the recent data security issues in the current EDGAR database, we know there are serious flaws in the way the SEC maintains its data, and in the ways they respond to and communicate errors and omissions. These flaws undermine the trust...

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