Cybersecurity threats to corporate America are present now ‘more than ever,’ SEC chair says

Securities and Exchange Commission Chairman Jay Clayton is telling corporate America it needs to get much more vigilant on security.

In an interview Monday on CNBC’s “Power Lunch,” stressed that significant cybersecurity threats remain, despite the ongoing coronavirus pandemic and election season. “Cyber risks have not gone away with the unfortunate, unforeseen risks we’ve faced with Covid and other uncertainties in our economy,” he said. “They’re still there, and they’re there more than ever.”

So alarmed is the SEC by recent developments that it has issued warnings on several areas in recent months:

  • Ransomware: An increase in sophistication of attacks on broker-dealers, investment advisers, and investment companies, and also attacks impacting service providers to companies that are under the SEC’s purview.
  • Credential compromises: An increase in cyber-attacks against brokers and dealers using “credential stuffing,” a method of cyber-attack that uses compromised client login credentials, resulting in the possible loss of customer assets and unauthorized disclosure of sensitive personal information.

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Source: CNBC News