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SEC raises the bar on cyber-security risks

Tammy Whitehouse | November 19, 2018

Regulators are signaling they expect companies to raise their game in protecting the corporate jewels from online hackers, especially in schemes that are not exactly novel.

A recent investigative report issued by the Securities and Exchange Commission describes nine separate instances where companies lost millions to e-mail hackers. The cases involved fraudsters posing as company executives or third-party vendors providing instructions on wiring funds.

It represents a “good policy decision,” said SEC Chairman Jay Clayton at a recent Financial Executives International conference, that the SEC chose to report on the issues without pursuing enforcements. “These are instances where the public companies were defrauded,” he said. “They were the victims. Could their...

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