SEC Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls

By Securities Exchange Commission

In a press release earlier this month, the Securities and Exchange Commission issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division’s investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process.

The SEC’s investigations focused on “business email compromises” (BECs) in which perpetrators posed as company executives or vendors and used emails to dupe company personnel into sending large sums to bank accounts controlled by the perpetrators.

Read the full report here.

16 Oct 2018

Tagged in: cybersecurity, data management, data privacy, report

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