SEC to examine firm exposures to cyber attacks

Sec Building

The U.S. Securities and Exchange Commission will examine the exposure of stock exchanges, brokerages and other Wall Street firms to cyber-attacks that have been called a threat to financial stability.

Bloomberg reports that more than half of exchanges surveyed globally in 2012 said they experienced a cyber-attack, while 67% of U.S. exchanges said a hacker tried to penetrate their systems. The SEC’s roundtable discussion of those risks today occurs as the agency weighs a new rule proposal asking whether stock exchanges should be required to tell their members about breaches of critical systems.

The agency also will probe how public companies are disclosing cyberthreats in filings provided to investors. Businesses including Target, from which hackers stole payment-card data for millions of shoppers in December, are required to disclose cyberthreats when the information would affect an investor’s willingness to own the company’s shares.

To access the complete Bloomberg article hit the link below:

SEC Probes Threat From Cyber Attacks Against Wall Street

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