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Exasperated Clayton briefs Senators on SEC breach

Joe Mont | September 27, 2017

An already scheduled grilling of Jay Clayton, the five-months-and-counting chairman of the Securities and Exchange Commission, before the Senate Banking Committee had plenty of new fodder to dig into.

His Sept. 26 testimony, at a hearing on “Oversight of the U.S. Securities and Exchange Commission,” repeatedly focused on a recently revealed data breach.

In August 2017, the Commission learned that an incident previously detected in 2016 may have provided the basis for illicit gain through trading, Clayton said. “Specifically, a software vulnerability in the test filing component of the Commission’s EDGAR system, which was patched promptly after discovery, was exploited and resulted in access to non-public information.

U.S. Senator Mike Crapo (R-Idaho), chairman of the Committee, addressed the SEC breach in his opening remarks.“The Commission collects and stores a huge amount of public and non-public data,” he said. “If this data were subject to a cyber-breach,... To get the full story, subscribe now.