US SEC: Hackers May Have Traded Using Stolen Insider Information

[Megalith]

The Securities and Exchange Commission (SEC) said that hackers accessed its corporate disclosure database and may have illegally profited by trading on the insider information stolen: a software glitch in the test filing component of the system was exploited to gain access to non-public information. While the hack occurred in 2016, the SEC only discovered last month that the cyber criminals may have used the information to make illicit trades.

The SEC hosts large volumes of sensitive and confidential information that could be used for insider-trading or manipulating U.S. equity markets. Its EDGAR database houses millions of filings on corporate disclosures ranging from quarterly earnings to statements on mergers and acquisitions. Although the SEC “promptly” patched the vulnerability after detecting it in 2016, the regulator only became aware last month that the glitch “may have provided the basis for illicit gain through trading”, it said.

 

[kju1]

So an exploit that has been used is now a glitch?

 

[Pieter3dnow]

That system is so broken to begin with why even blame it on hackers? If there smart enough they would never ever used it for trading but most likely sold it to others ....

 

[Biznatch]

HOW DARE THEY!!!! Only congress is allowed to use legally insider info for trading..... Those peasants need to be jailed for.....ev......er

 

[PaulP]

Just more proof we need to put more effort into intrusion detection and prevention. Generally, detection is easier than prevention, so it's sad to note that very little effort is spent on intrusion detection.

 

[sfsuphysics]

hackers seize information from millions of individuals, oh no it's so sad, well those individuals are going to have a hard time ahead of them putting their life together

hackers use information to illegally profit on the stock markets, OH SHIT WE ARE IN FULL LOCK DOWN MODE WE MUST FIND THE PEOPLE WHO PROFITED FROM THIS!!!!!!!

 

[dburgo]

I contracted at the BRO in Boston (SEC), I think this exploit in order to happen, came from within. These truly are sad times. The shittiest component to an exploit, is it seemingly happens the perpetrators never get the punishments truly deserved. Clearances mean what anymore?

 

[pmrdij]

hackers seize information from millions of individuals, oh no it's so sad, well those individuals are going to have a hard time ahead of them putting their life together

hackers use information to illegally profit on the stock markets, OH SHIT WE ARE IN FULL LOCK DOWN MODE WE MUST FIND THE PEOPLE WHO PROFITED FROM THIS!!!!!!!

Sad but true. Funny how they react when someone steps on their turf compared to when we the people get fucked.