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There May Be 'No Do-Overs,' but SEC Hack Provides Important Security Lessons
Even the Securities and Exchange Commission (SEC) can get hacked — and the recently announced cyber attack against the SEC is providing an important wake-up call for U.S. companies regulated by the powerful agency and the attorneys they work with.
What We've Learned
Mauro Wolfe, a former federal prosecutor now working as an attorney at Duane Morris, noted there were some initial media reports suggesting that the SEC's impacted electronic system — known as EDGAR — the Electronic Data Gathering, Analysis, and Retrieval test filing system was perhaps “an old system.”
If that's true, it sends a reminder to companies that they need to check the cybersecurity on their own legacy systems, Wolfe says. The same is true of more up-to-date systems found in companies.
“I certainly think that every company should spend some time … analyzing their cybersecurity risk,” Wolfe says. “It should be done on a routine basis.”
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