Dave Michaels
speaker
248 appearances
5 recordings
1 series
first heard May 2018
last heard Jul 2021
Dave Michaels’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, you would think that.
I mean, inside the SEC, they probably didn't know that they had this vulnerability.
Allegedly, it came from a software vulnerability.
It was like one way into the system that was vulnerable.
And who knows how much sort of routine maintenance or routine checks would have found that.
But it is interesting that there was this other hack that these hackers had been accused of.
That was actually before this even started.
These hackers were indicted in 2015 for allegedly hacking three companies together.
that release corporate news releases.
In other words, earnings releases, information that went into the market that immediately everyone would see and potentially trade upon.
They were indicted in 2015, so they were known to law enforcement.
In 2016, they broke into the SEC's Edgar system.
So if you take the facts at face value, it was kind of a brazen hack that these guys were willing, after they'd already been indicted,
to then go into the database run by the agency that had already sued them.
It is.
And stock exchanges, banks, very large money managers, you can imagine...
that a big part of their risk profile has to do with cybersecurity and trying to ensure that they've made all the investments they need to make and have all the experts they need to have to defend against this relentless computer hacking.
But we're talking about the government in this case, and the SEC does not spend as much money on computer infrastructure or cybersecurity defense as probably even a single large bank does, much less the whole industry.
So for the SEC and maybe other regulators that sort of custody information that could be market moving, the risk profile is very high.
And I'm not sure that we know right now whether these agencies are up to the challenge of defending against that risk.
Showing 121–140 of 248 · page 7 of 13
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