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The SEC was hacked and its infiltrators could have made millions

The Securities and Exchange Commission has admitted to being hacked in 2016, reports Bloomberg. The hackers were able to break into their Edgar corporate filing system, which contains millions of filings from companies ranging from quarterly earnings to statements on mergers and acquisitions. These filings are uploaded to the Edgar system before being made public, which means if hackers were able to breach the system, they could have used the insider information gleaned from the filings to buy or sell stock ahead of time before the market reacted to the information contained in the filings upon their public release. The SEC chairman Jay Clayton said a review of the breach is ongoing and noted that the SEC is “coordinating with the appropriate authorities.”

 MG