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Why the SEC? I would expect this to be more the domain of FBI or NSA or any of the more “cyber”-related three letter manifestations of the executive branch. Ei

Why the SEC? I would expect this to be more the domain of FBI or NSA or any of the more “cyber”-related three letter manifestations of the executive branch. Either way, I’m glad government agents are going door to door to check on privately owned servers. Maybe they should check everyone’s vaccination status while they’re at it.

dennisnedry 5y ago
Because the SEC regulates publicly traded companies.
IncRnd 5y ago
"The U.S. Securities and Exchange Commission is a large independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation." "In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act)." [1] [1] https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_C...
csours 5y ago
"Everything is Security Fraud" - Matt Levine (Money Stuff guy)
PeterisP 5y ago
Because apparently SEC had years ago issued an order that breaches must be disclosed if they may have a material impact on shareholders (e.g. a potential large lawsuit from customers some years afterwards when the full extent becomes known), and it's the job of SEC to ensure that company executives don't hide company problems from the shareholders. In essence, if you want to keep your dirty laundry private, then you're not allowed to take money from the public stock market, as investors (i.e. everyone if you want to be publicly traded) deserve to know about any major issues with your private servers. SEC doesn't care about how poor your security is as long as the company is open about it, but it absolutely cares if company lies about their (lack of) exposure to its owners.

dennisnedry 5y ago

Because the SEC regulates publicly traded companies.

IncRnd 5y ago

"The U.S. Securities and Exchange Commission is a large independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation." "In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act)." [1] [1] https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_C...

csours 5y ago

"Everything is Security Fraud" - Matt Levine (Money Stuff guy)

PeterisP 5y ago

Because apparently SEC had years ago issued an order that breaches must be disclosed if they may have a material impact on shareholders (e.g. a potential large lawsuit from customers some years afterwards when the full extent becomes known), and it's the job of SEC to ensure that company executives don't hide company problems from the shareholders. In essence, if you want to keep your dirty laundry private, then you're not allowed to take money from the public stock market, as investors (i.e. everyone if you want to be publicly traded) deserve to know about any major issues with your private servers. SEC doesn't care about how poor your security is as long as the company is open about it, but it absolutely cares if company lies about their (lack of) exposure to its owners.