Tag Archives: SEC

SEC Updates Guidance on Public Companies’ Disclosure of Cyber-Attacks

The U.S. Securities and Exchange Commission (SEC) updated guidance to public companies this week on how and when they are to disclose cybersecurity risks and breaches. The SEC suggests that public companies should disclose potential weaknesses that have not been targeted by hackers. There has always been a tension between the SEC and public companies … Continue Reading

Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018

In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton … Continue Reading

SEC Brings Fraud Action Against ICO Creator

In its first lawsuit targeting Initial Coin Offerings (ICOs), the Securities and Exchange Commission (SEC) has filed fraud charges against the creator of the ICOs marketed as “REcoin” and “DRC.” The action, filed in the United States District Court for the Eastern District of New York on September 29, 2017, alleges that Maksim Zaslavskiy, operating … Continue Reading

SEC Hacked!

The Securities and Exchange Commission (SEC) has admitted that it was the victim of a cyberattack in 2016 that exposed information that may have been used for insider trading. The hack involved the SEC’s filing database, known as EDGAR. The admission was on the heels of a Government and Accountability Office report in July that … Continue Reading

21st Century Oncology faces second class action suit for data breach of 2.2M records

We previously reported that 21st Century Oncology (21st Century) experienced a data breach of up to 2.2 million patient records that compromised the names, Social Security numbers and health and diagnostic information [view related posts here and here]. It began notifying patients on March 4, and delayed notification at the request of law enforcement. 21st … Continue Reading

SEC brings first cybersecurity-related enforcement action

The Securities and Exchange Commission (SEC) recently settled its first cybersecurity-related enforcement action against a Missouri based registered investment adviser, R.T. Jones Capital Equities Management, Inc. (Investment Advisor).  The Investment Advisor was censured and fined $75,000 for failing to have acceptable written policies and procedures regarding its customer records and information in place prior to … Continue Reading

Fred’s Inc. discloses data breach to SEC

In its most recent filing with the Securities and Exchange Commission (SEC), Fred’s Inc. disclosed this week that a security firm found malware in its system that was designed to lift customer credit card information. Although it appears from reports that the hackers may have had access to customer credit card information, the security firm … Continue Reading
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