SEC Issues Warning on Cyber Security

Hacker attacks are a widespread burden in the modern world. In the last decade, tons of terabytes had been leaked from the private accounts and most of those crimes stayed unnoticed and the users unalarmed. In order to avoid being a victim, the Securities and Exchange Commission, SEC has issued a warning on Cyber Security

18 October 2018, AtoZMarkets – Hacker attacks have become a widespread burden of the modern society in the last 10 years. 2000 attack on PayPal, Heartland Payment System break-in in 2009 and most famous and most likely remembered a huge amount of so-called “Anonymous” attacks, mostly on the Wall Street.

Deep Root Analytics Data Breach

You might still remember the scandal around Deep Root Analytics when information about almost 198 million Americans appeared on the web.

The Deep Root Analytics still claims that they have shared their data with only one person, UpGuard researcher, however, many believe that other people might have access to this information as well.  

Despite such big amount of data stealing and software break down, a great number of public companies still fail to keep their Cyber Security Control on the appropriate level, which, according to Securities and Exchange Commission, abbreviated SEC Cyber Security representatives, might put them on the same line with criminals.

Such an announcement was made by SEC Cyber Security specialists on Tuesday.

SEC Cyber Security Warning

In order to find out whether the companies, which have become victims of the hacker attacks recently, had taken appropriate measures ensuring proper cyber security control to avoid it, the SEC Cyber Security specialists decided to have more deep research on the companies data protection procedure vulnerabilities and the company control overall. 

The SEC Cyber Security professionals had led the experimental hacker “business email compromise”(BEC) attacks, one of the most popular hacking procedures, when the attacker through the corporate email account gains vulnerable information about company employees, customers, customers identities and their money.

The FBI claims that such attacks resulted in losses over 5 billion dollars since 2013. Which cannot be avoided due to the high level of the hackers attacks in the last decade and extremely poor system control in many public companies?

According to SEC Cyber Security analysts, the results showed that 9 public companies failed in the basics of the cybersecurity control.

The SEC has emphasized that those companies have noticed the problem only when the payments did not go through when it supposed to according to the hack attack scenario. Despite failing, the companies were not charged and companies names were not mentioned in SEC report.

SEC Provides Help to Resolve Data Control Issues

Following the hackers’ attack on Facebook in 2018 when huge amount of data was stolen, Equifax, not mentioning the previous WannaCry, Petya and many incidents involving the data-stealing or the software break down, the SEC has released a guide which should help companies to resolve their data control issues and provide with the sophisticated solution on identifying the most vulnerable chains of the companies which might become the main targets of the hackers attack. 

Such issue as a human factor or simple human vulnerability in the system control still exists, despite that, internal financial procedure protection is required by law.

Alarming public companies and informing them in time, as well as training and regulations, might become a very effective tool on avoiding hackers attacks risks and let the SEC cybersecurity control to tighten the Cyber Security Control belt around financial hacker’s neck.

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