10.17.18
Public Companies Must Update Controls Against Cyberfraud, SEC Report Says
by: Hazel Bradford
Public companies not doing enough to prevent cyber-related fraud activity are also at risk of being investigated by the SEC, the agency warned in an investigative report issued Tuesday. "While the cyber-related threats posed to issuers' assets are relatively new, the expectation that issuers will have sufficient internal accounting controls and that those controls will be reviewed and updated as circumstances warrant is not," the report said. The report is based on the SEC enforcement division's investigations of nine public companies that lost nearly $100 million to cyberfraud practices.
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