SEC breach shows need for stronger private, public sector cybersecurity efforts, says Senate Dem.

Sen. Mark Warner, D-Va., is urging both the public and private sectors to up their cybersecurity efforts after the Securities and Exchange Commission disclosed a hack to its reporting system that may have enabled insider trading, reports The Hill.

The SEC acknowledged its public-company filing system, "EDGAR," was hacked last month, although the vulnerability was originally detected in 2016, according to SEC Chairman Jay Clayton. This breach created an opportunity for cyberattackers to profit through illicit trading.

Mr. Clayton is expected to testify before the Senate Banking Committee Sept. 26. Mr. Warner said he would press Mr. Clayton on the agency's data breach reporting protocols during the testimony, according to The Hill.

"Cybersecurity is critical to the operations of our markets and the risks are significant and, in many cases, systemic," he told The Hill. "We also must recognize — in both the public and private sectors, including the SEC — that there will be intrusions, and that a key component of cyber risk-management is resilience and recovery."

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