Newswire hacking highlights cyber and outsourcing risks

SEC prosecution for hacking newswires shows the importance of cyber defence

computer security
Market-moving information was pursued to game the stock market

The hacking of financial newswires for sensitive unreleased news puts the spotlight once again on cybersecurity and third-party risk as key operational risk areas, experts tell Risk.net.

It also marks another stage in the continuing debate between law enforcement authorities, regulators and courts over what constitutes insider trading.

The US Securities and Exchange Commission (SEC) has charged 32 defendants – 17 people and 15 companies – in the US, Russia and Ukraine with hacking into the

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