01.16.19
How to Make Money Trading: Hack Into SEC, Peek at 157 Secret Earnings Reports
by: Dave Michaels; Gabriel T. Rubin
Hackers spent six months rooting around the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) filing system looking for information to trade, according to a government complaint filed Tuesday. They were able to reap $4.14 million in gains from May to October 2016 with the information they accessed. Some legal scholars say the EDGAR hack shows the SEC has struggled to manage the same cyber risks that it has punished companies for failing to defend against. The agency has recently shifted away from blaming many breaches on affected firms, and instead emphasized the importance of defense mechanisms and employee training.
Read the full article on Wall Street Journal