Legal News

U.S. Securities and Exchange Commission Examines Threat to Wall Street from Cyber Attacks
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

The U.S. Securities and Exchange Commission will examine, according to Bloomberg News, the exposure of stock exchanges, brokerages and also other Wall Street firms to cyber-attacks that have been called a threat to financial stability. A cyber-attack is any type of offensive maneuver employed by individuals or whole organizations that targets computer information systems, infrastructures, computer networks, and/or personal computer devices by various means of malicious acts. Cyber-attacks can range from installing spyware on a PC to attempts to destroy the infrastructure of entire nations.

In a global survey in 2012, more than half of the exchanges had reported that they experienced a cyber-attack, while 67 percent of U.S. exchanges said a hacker attempted to penetrate their systems. Companies are not required by the SEC to disclose all cyber-attacks that they suffer. A partner at Ropes & Gray LLP, Douglas H. Meal, stated that companies have a “tremendous disincentive” to reveal attacks because of the litigation they may face as a result. U.S. Securities and Exchange Commission Chair, Mary Jo White said that “Cyberthreats are of extraordinary and long-term seriousness,” according to Bloomberg News White has reported that, “The public and private sectors must be riveted in lockstep in addressing these threats.”


SEC Commissioner Luis A. Aguilar has called for the agency to establish a cybersecurity task force. The SEC also will probe how public companies are disclosing cyber threats in filings provided to investors. Bloomberg has reported that according to a study by the Ponemon Institute, a research and consulting firm, that criminal hacking cost financial services companies, on average, about $18.8 million in 2013.

Looking for cybersecurity jobs? Click here.

Image credit:

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Interesting Legal Sites You May Like




Search Now

Mid-level Litigation Associate Attorney


Baltimore office of our client seeks mid-level litigation associate attorney with 3+ years of experi...

Apply Now

Litigation Associate Attorney


Columbia office is seeking a commercial litigation attorney with 2-4 years of experience.

Apply Now

Junior Employment Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking an attorney with 2-3 years of employment litigation, class action or...

Apply Now

Estate Planning Associate Attorney


Longmont office of our client seeks associate attorney with estate planning, elder law, probate expe...

Apply Now


Patent / IP Paralegal


Patent / IP Paralegal This is an exciting opportunity to work for one of the top law firms in the...

Apply now

Social Security Legal Assistant - Immediate Opening!


Scranton-based workers comp, social security, and personal injury law office is seeking a social sec...

Apply now

Associate Attorney

USA-NY-New York City

Law firm seeks associate that must be admitted to practice law in New York  to attend Civil cou...

Apply now

Associate Attorney - Insurance Defense Litigation


Growing Long Island insurance defense firm seeking 1 to 5 year associate attorney for their Hun...

Apply now


To Top