SEC outlines cybersecurity changes after probe of EDGAR hack

As the SEC brings to a close its review of the 2016 breach of its EDGAR filing system, the commission is proposing reforms to its cybersecurity practices and also says it is investigating whether anyone gained from illicit trading activity based on the hacked information.

In testimony submitted to the House Financial Services Committee, SEC Chairman Jay Clayton outlined changes the commission is putting in place in response to the incident. He acknowledged that the SEC is still working to get its house in order on the cyber front as it prods the firms that it oversees to take steps to shore up their own systems.

"I want to continue to work with companies and the investing public on how we should be approaching this issue," Clayton told members of the committee.  MORE