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SEC Creates Cyber-Unit

The SEC’s Enforcement Division has created a new Cyber Unit targeting “cyber-related misconduct.”  The new Cyber-Unit will target market manipulation schemes using electronic and social media, hacking schemes, account intrusions, and the dark web.  The Co-Director of the SEC’s Enforcement Division labeled cyber-related threats as one of the “greatest risks facing investors and the securities industry.”

OUR TAKE:  We suspect that this Cyber Unit will ultimately morph into its own office (See OCIE, Whistleblowers).  If you have been on vacation in the woods for the last 3 years and have not yet retained a third party firm to test your cybersecurity readiness, we recommend moving quickly to catch up to the rest of the industry.

https://www.sec.gov/news/press-release/2017-176

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