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(NPR)   SEC hacked. Big Ten and ACC unavailable for comment   ( npr.org) divider line
    More: PSA, SEC Chairman Jay, U.S. Securities and Exchange Commission, personally identifiable information, Rep. Carolyn Maloney, Sen. Chuck Grassley, Edgar filing, Edgar houses, EDGAR vulnerabilities  
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4479 clicks; posted to Main » on 21 Sep 2017 at 9:43 AM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-09-21 09:45:08 AM  
...so?
 
2017-09-21 09:45:18 AM  
Me, being tired and lacking coffee, thought the same thing this morning, subs.
 
2017-09-21 09:47:51 AM  
Dammit OP, you got me. I read your headline, clicked the article, and was two paragraphs in before I realized it was about the Securities and Exchange Commission.

Real thought: "Why are they so concerned about using information to trade players? What kind of secret information would make a difference there?"

Bravo, you bastard.
 
2017-09-21 09:51:55 AM  
What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.

You'd be better served by hacking an auditor.
 
2017-09-21 09:52:32 AM  
I don't want to say it was the Russians, but it was probably the Russians
 
2017-09-21 09:52:45 AM  
Not surprising. The SEC is really just one good department and then a bunch of overrated mediocre offices living off of Commision bias and past successes.
 
2017-09-21 09:53:05 AM  
Wanted for questioning:
img.fark.netView Full Size
 
2017-09-21 09:55:05 AM  
I'm sure all the hedge fund managers turned senator or white house staff will get on to this right away. Maybe they'll release Mikial Shkreli to help Steven Bannon find the cyberculprits. Or even Bernie Madoff.
 
2017-09-21 09:55:40 AM  
As I work in an industry in which the SEC likes to tell me I'm doing IT wrong I'm really getting a kick out of this.
 
2017-09-21 09:57:56 AM  

GeeksAreMyPeeps: I don't want to say it was the Russians, but it was probably the Russians


I'm hoping it is the Greeks, have too much money on some shiatty penny stocks.
 
2017-09-21 10:06:02 AM  
Well, the Southeastern Conference does have more money than the Securities and Exchange Commission these days.
 
2017-09-21 10:08:36 AM  

Reiderate: Dammit OP, you got me. I read your headline, clicked the article, and was two paragraphs in before I realized it was about the Securities and Exchange Commission.

Real thought: "Why are they so concerned about using information to trade players? What kind of secret information would make a difference there?"

Bravo, you bastard.


Took me three minutes to realize those were supposed to be college football divisions.
 
2017-09-21 10:08:40 AM  
And the perpetrators have yet to be sacked.

Go Georgia Bulldogs!!
 
2017-09-21 10:09:34 AM  
Fark username/password.

Pros and cons of a law mandating biometric/two-factor logins?
 
2017-09-21 10:18:26 AM  
SEC was gutted by both Bush administrations so this has probably been happening on a regular basis.  But Hannity will certainly be pleased to have new material for his next left-wing-conspiracy story.
 
2017-09-21 10:27:54 AM  
Cyber criminals. It's still 1999, isn't it.
 
2017-09-21 10:28:52 AM  
Those hackers went through the toughest, best, defenses in the nation, they clearly deserve the national championship, even if the Equifax hackers went undefeated.
 
2017-09-21 10:33:38 AM  

This text is now purple: What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.


Actually, they do.

The audio from the story said that files of investigations that had yet to be publicly announced were accessed. If the hackers were looking for some stocks to short, that information would be very helpful.
 
2017-09-21 10:36:13 AM  

GoldSpider: Fark username/password.

Pros and cons of a law mandating biometric/two-factor logins?


Mandating two-factor/biometric logins across the board would create huge compliance costs, and would probably be overkill in many instances.  I don't know that two-factor authentication is really worth it for Aggie football forums I visit, for example.

Even if you mandate it, companies would still have to implement and comply.  Equifax is likely subject to multiple security mandates, whether legal or industry-created.  For example, if they're storing credit card information (as I believe they do), they're subject to regulation by the Payment Card Industry Security Standards Council, which is a regulatory body created by the major card brands.  PCI requirements mandate some pretty stringent requirements, especially for companies processing or storing a large number of credit cards.
 
2017-09-21 10:36:38 AM  
Insider trading at its best.
 
2017-09-21 10:42:02 AM  
WHAR TIM TEBOW???  WHAR??!!
 
2017-09-21 10:49:02 AM  
Go away subby!
 
2017-09-21 10:51:46 AM  
We'll take care of this.

img.fark.netView Full Size
 
2017-09-21 10:53:12 AM  

Claude the Dog: GoldSpider: Fark username/password.

Pros and cons of a law mandating biometric/two-factor logins?

Mandating two-factor/biometric logins across the board would create huge compliance costs, and would probably be overkill in many instances.  I don't know that two-factor authentication is really worth it for Aggie football forums I visit, for example.

Even if you mandate it, companies would still have to implement and comply.  Equifax is likely subject to multiple security mandates, whether legal or industry-created.  For example, if they're storing credit card information (as I believe they do), they're subject to regulation by the Payment Card Industry Security Standards Council, which is a regulatory body created by the major card brands.  PCI requirements mandate some pretty stringent requirements, especially for companies processing or storing a large number of credit cards.


That's why you make the class action law suit pay out 1 Billion dollars; and fight the appeal to get it revoked/ dropped down to tree-fiddy...

And vote out spineless legislature which caves to lobbying money vs the people's best interests... Equi-farks ass rammed us all... ( to include politicians and Richie-riches!) Three cheers for the New York State AG for wanting the credit bureaus to register in NY State like Insurance (scamming) companies!!!
 
2017-09-21 10:53:17 AM  

MOPAR BLUE: And the perpetrators have yet to be sacked.

Go Georgia Bulldogs!!


WOOF WOOF WOOF WOOF WOOF

/UGA '88
 
2017-09-21 10:53:23 AM  
When your IT department gets treated like the homeless guy on the corner asking for change things like this happen.
 
2017-09-21 11:05:03 AM  
i.pinimg.comView Full Size
 
2017-09-21 11:10:36 AM  
Didn't they previously have a problem with people surfing porn at the SEC or was that a different agency?
 
2017-09-21 11:11:04 AM  
"In October 2014, Rep. Carolyn Maloney (D-N.Y.) raised concerns after an academic study revealed that stock prices were moving about 30 seconds prior to public filings being made available on the SECs website."

Do what?  Wouldn't that indicate someone on the inside that knew what was about to be put into the filing system was using inside information rather than security vulnerabilities in the filing system allowing people to get its content?
 
2017-09-21 11:15:38 AM  

Reiderate: Dammit OP, you got me. I read your headline, clicked the article, and was two paragraphs in before I realized it was about the Securities and Exchange Commission.


Now renamed to the Insecurities Exchanged Commission.
 
2017-09-21 11:18:53 AM  
Solution: Do away with the SEC entirely, and everything with the same acronym.

That's right - NO MORE SECS.
 
2017-09-21 11:24:25 AM  

Madman drummers bummers: Solution: Do away with the SEC entirely, and everything with the same acronym.

That's right - NO MORE SECS.


Well, we could put them all in a group...
 
2017-09-21 11:27:35 AM  

This text is now purple: What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.

You'd be better served by hacking an auditor.


They hacked EDGAR. Having advance notice of public filings could be useful to traders.
 
2017-09-21 11:29:23 AM  

Snarfangel: Madman drummers bummers: Solution: Do away with the SEC entirely, and everything with the same acronym.

That's right - NO MORE SECS.

Well, we could put them all in a group...


Well, sure. But...
 
2017-09-21 11:33:31 AM  
Has anyone checked on Mr. Wayne's net worth? I remember it taking a hit last time this happened.
 
2017-09-21 11:44:17 AM  
A mention of the ACC and No Duke Sucks posts!  I am disappoint.
 
2017-09-21 11:47:57 AM  

sid244: Insider trading at its best.


By this time next week the hack will have been traced to a 28 year old "intern" with a flash drive.
 
2017-09-21 11:48:31 AM  

flynn80: Didn't they previously have a problem with people surfing porn at the SEC or was that a different agency?


We'll, when you say "problem"...
 
2017-09-21 11:49:53 AM  
Anything that can damage football makes NPR's panties wet
 
2017-09-21 11:59:19 AM  
But but but this is a glorious angelic governmental regulator.   How can we blame mean old big business for this?
 
2017-09-21 11:59:58 AM  
What does the Pac 12 say about this?
 
2017-09-21 12:02:52 PM  

backhand.slap.of.reason: sid244: Insider trading at its best.

By this time next week the hack will have been traced to a 28 year old "intern" with a flash drive.


Maybe he died? Anyway, this is a big deal. SEC officials said the problem that enabled the hack was quickly discovered and fixed. But it "resulted in access to nonpublic information" that "may have provided the basis for illicit gain through trading."

If the SEC says it may have resulted in insider trading, (which is still a crime, despite what Equifax seems to believe) it almost certainly did result in criminal activity. Not because factual Edgar information became available, but because the hackers uploaded their own "fake news" to the SEC database. For example, the SEC  took action in May against a person who sought to profit by posting a bogus offer on Edgar to buy Fitbit, sending the stock up about 8% on the false news.

As the late George Carlin said, "the game is rigged" NSFW of course
George Carlin on "the American Dream"
Youtube kJ4SSvVbhLw
 
2017-09-21 12:18:50 PM  

This text is now purple: What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.

You'd be better served by hacking an auditor.


Hacking an auditor is precisely what they did. The SEC is filled with auditors, that's what they do.

My father is an auditor for the SEC. He has sent multiple companies into bankruptcy on the same day, by releasing his findings (that their books are totally farked, and they have been hiding how boned they are) publicly, though they're generally discussing things beforehand with the subjects of the audits, revising reporting, and etc. before final findings are publicized. If you get in to the system and find preliminary information which hasn't been made public yet you'll have the ability to make some truly epic shorts on companies which are about to get farked.
 
2017-09-21 12:19:43 PM  

This text is now purple: What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.

You'd be better served by hacking an auditor.


Not true at all.  Corresp filings and Draft Registration Statements for pre-IPO companies are submitted to the SEC via EDGAR but not decimated to the SEC's public website.  These filings are directly for the SEC reviewer and may only be made public later.  The DRS, in particular, is about as much "inside information" you could ask for.
 
2017-09-21 12:28:22 PM  

Clemkadidlefark: Anything that can damage football makes NPR's panties wet


Didn't even realize NPR had a sports reporter until their longtime sports journalist died this year and NPR was running some of his old commentaries.

Who the hell listens to NPR for sports coverage/commentaries?
 
2017-09-21 12:46:23 PM  

Madman drummers bummers: Solution: Do away with the SEC entirely, and everything with the same acronym.

That's right - NO MORE SECS.


People are still having SECs
 
2017-09-21 01:17:45 PM  

mongbiohazard: This text is now purple: What does this gain you? The SEC doesn't have insider information. They couldn't even catch Madoff before the fact.

You'd be better served by hacking an auditor.

Hacking an auditor is precisely what they did. The SEC is filled with auditors, that's what they do.

My father is an auditor for the SEC. He has sent multiple companies into bankruptcy on the same day, by releasing his findings (that their books are totally farked, and they have been hiding how boned they are) publicly, though they're generally discussing things beforehand with the subjects of the audits, revising reporting, and etc. before final findings are publicized. If you get in to the system and find preliminary information which hasn't been made public yet you'll have the ability to make some truly epic shorts on companies which are about to get farked.


BINGO.

People are getting their ducks in a row to profit off of news before it becomes public. big news.
 
2017-09-21 01:38:23 PM  
So, in other words, it seems like the people who make the big bucks, who have responsibility over critical information, who's job it is to secure things... are too busy to actually do their job? Does anyone take care of business anymore?
If I was to operate on the same relative level, my boss would ask me if I wanted to keep my job, if I was lucky...
 
2017-09-21 01:49:16 PM  
Boy, Tylerovich Durdeninoff is really speeding up his destruction of the Western world's house of financial cards. If you need me, I'll be laying out deer venison after changing into my leather clothes.
 
2017-09-21 01:51:18 PM  

Percise1: So, in other words, it seems like the people who make the big bucks, who have responsibility over critical information, who's job it is to secure things... are too busy to actually do their job? Does anyone take care of business anymore?
If I was to operate on the same relative level, my boss would ask me if I wanted to keep my job, if I was lucky...


Actual work? No, that's for the guys contracted out in India.
 
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