Monetizing Cybercrimes: SEC Hack Could Potentially Lead to Market Manipulation

Saturday, September 23, 2017
By Paul Martin

US equity markets could be manipulated by hackers trading with insider data possibly stolen from the US Securities and Exchange Commission (SEC), Stephen Neville, associate professor of software engineering at the University of Victoria, told Sputnik.

The market regulator revealed that its electronic database was hacked in 2016. However, the commission learned that the breach could have been exploited for illicit trading only a month ago.

When asked what kind of information the commission stores, how important it is and what ramifications this security breach may have in the long term, Stephen Neville said that the SEC deals with financial data submitted by public companies.

Regarding the steps the SEC was going to take as an agency to make sure that no such things ever happen again, he said that all modern organizations need to update their security protocols to keep pace with the ever-changing methods used by hackers.

“The focus of cybercrimes is now to convert these attacks into money; it focuses on high-value targets such as data bases, credit card numbers, and personal identity data that can be very attractive to them, etc. So this is an ongoing challenge for organizations,” he added.

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