SEC Unveils New Cybersecurity Initiatives, SEC Chair Updates Senate Committee On EDGAR System Breach

The SEC introduced two new initiatives that will enhance efforts of the Enforcement Division to monitor and address issues related to cybersecurity.

First, the SEC announced the creation of a Cyber Unit, which will "focus the Enforcement Division's substantial cyber-related expertise on targeting cyber-related misconduct." The new Cyber Unit will address:

• market manipulation schemes including the spread of false information through social media;
• hacking;
• violations related to distributed ledger technology (i.e., blockchain) and initial coin offering;
• dark web-related misconduct;
• interference in retail brokerage accounts; and
• cyber threats to trading platforms.

The Cyber Unit will be led by Robert A. Cohen, who most recently served as the Co-Chief of the Market Abuse Unit.