SEC compromised, purloined info possibly used for illegal stock trades

[Weems]

https://www.washingtonpost.com/news...n-may-have-been-used-for-illegal-stock-trades

The system that was breached, known as EDGAR, is a popular way for investors to access the detailed financial reports companies that sell stock to the public must periodically release. It had a “software vulnerability” that was “exploited and resulted in access to nonpublic information,” Clayton said in the statement.

The breach didn’t lead to the release of personally identifiable information, but “may have provided the basis for illicit gain through trading,” Clayton said. An investigation into the matter is ongoing, he said.

This is not the first time EDGAR has been compromised. The system receives thousands of documents a day and in 2015, fraudsters posted fake information on the site about the takeover of Avon Products, driving the company’s stock price up significantly before it was detected. And in 2014, several researchers found that information submitted was available to some users for 30 seconds before it became publicly available, potentially giving some traders an unfair advantage. (High-speed traders, for example, can make thousands of trades in a blink of an eye.)

“Effective management of internal cybersecurity risk is critical to the SEC achieving its mission and to protecting the nonpublic information that is entrusted to this agency,” SEC Commissioner Michael S. Piwowar said in a statement.

 

[littlelady]

Color me shocked. This crap has been going on forever. Only, the informed and strong survive.

Someone on welfare wouldn't know what a stock is if it hit them in the head. It has been manipulated forever. You have to be smart to know how to play it. Since hub retired early, it is his hobby now. He is doing great, and knows.