Cybersecurity News Alert: SEC Infiltration EDGAR System Hack

On Tuesday, January 15th, the U.S. Securities and Exchange Commission (SEC) announced that it charged nine defendants in an alleged hack of the SEC’s EDGAR system. The hackers allegedly infiltrated the SEC EDGAR system and extracted nonpublic information to use for illegal trading, ultimately profiting $4,135,015 in the process.

The hackers mostly stem from Ukraine and Russia, but two defendants were identified in California. Defendants have been charged with federal securities anti-fraud laws as well as SEC anti-fraud rules and is seeking penalties, return of profits with prejudgment interest, and enjoining the defendants from committing future violations.

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