Tuesday, September 26, 2017 2:02:17 PM
SEC Announces Enforcement Initiatives to Combat Cyber-Based Threats and Protect Retail Investors
FOR IMMEDIATE RELEASE
2017-176
Washington D.C., Sept. 25, 2017—
The Securities and Exchange Commission today announced two new initiatives that will build on its Enforcement Division’s ongoing efforts to address cyber-based threats and protect retail investors. The creation of a Cyber Unit that will focus on targeting cyber-related misconduct and the establishment of a retail strategy task force that will implement initiatives that directly affect retail investors reflect SEC Chairman Jay Clayton’s priorities in these important areas.
Cyber Unit
The Cyber Unit will focus the Enforcement Division’s substantial cyber-related expertise on targeting cyber-related misconduct, such as:
Market manipulation schemes involving false information spread through electronic and social media
Hacking to obtain material nonpublic information
Violations involving distributed ledger technology and initial coin offerings
Misconduct perpetrated using the dark web
Intrusions into retail brokerage accounts
Cyber-related threats to trading platforms and other critical market infrastructure
The unit, which has been in the planning stages for months, complements the Chairman’s initiatives to implement an internal cybersecurity risk profile and create a cybersecurity working group to coordinate information sharing, risk monitoring, and incident response efforts throughout the agency.
“Cyber-related threats and misconduct are among the greatest risks facing investors and the securities industry,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “The Cyber Unit will enhance our ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance.”
Over the past several years, the Enforcement Division has developed substantial expertise in the detection and pursuit of fraudulent conduct in an increasingly technological and data-driven landscape. The Cyber Unit will consolidate and advance these efforts, and include staff from across the Enforcement Division.
Robert A. Cohen has been appointed Chief of the Cyber Unit. Since 2015, he and Joseph Sansone have been Co-Chiefs of the Market Abuse Unit. Mr. Sansone will continue to lead the Market Abuse Unit as its Chief.
Recent ONCI News
- Form SEC STAFF ACTION - SEC Staff Action: ORDER • Edgar (US Regulatory) • 10/17/2023 06:00:03 PM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM
Kona Gold Beverages Reaches Out to Largest Debt Holder for Debt Purchase Negotiation • KGKG • Jul 17, 2024 9:00 AM
Avant Technologies Welcomes Back Former CEO with Eye Toward Future Growth and Expansion • AVAI • Jul 17, 2024 8:00 AM