SEC Evaluates Impact of Recent Social Media Breach; Asserts No Data Compromise
Summary:
U.S. Securities and Exchange Commission (SEC) Chairman, Gary Gensler, addresses the recent security breach involving the commission's social media account. The unauthorised access led to misleading claims about a Bitcoin exchange-traded fund approval. Currently, there is no evidence that SEC systems or data are compromised. The SEC, in collaboration with law enforcement and other security agencies, is assessing the breach's impact while reassuring that the SEC doesn't use social media for official announcements. Congress members have urged for a probe into the SEC's cybersecurity practices following the incident.
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has assured that there's no current proof of unauthorised intrusion into the SEC systems, data, or social media platforms. In a press statement addressing unauthorised activity on the SEC's @SECGov X account (previously known as Twitter), Gensler underlined the SEC's commitment to addressing this cybersecurity incident. They are actively assessing the repercussions of this security breach on crypto entities, investors and market platforms.
Gensler acknowledged that insecurities about the safety of the SEC's social media handles result from this security breach. Consequently, he stated their team will persist in determining if more corrective action is needed.
In this effort, the SEC is joining forces with law enforcement and security bodies; this includes the Federal Bureau of Investigation (FBI) and the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency, among others.
As per the SEC's report, an unauthorised entity took control of the SEC's official X account on January 9, 2024, and falsely claimed the SEC's approval of a Bitcoin exchange-traded fund (ETF). After this misinformation, another post was made with the caption "$BTC." The latter post was soon removed while the first remained on the platform.
Following these unauthorised posts, the SEC personnel reached out to X for help to halt the unauthorised access. Subsequent inspection by X safety officials uncovered that the breach was halted between 4:40 pm ET and 5:30 pm ET. Gensler stressed that the SEC does not utilise X or any other social media channel for any form of official announcements.
Moreover, U.S. Congress representatives have demanded that the SEC submit a report on the security breach that led to the deceptive spot Bitcoin ETF approval post on X. Senators Ron Wyden and Cynthia Lummis sent a letter to SEC Inspector General Deborah Jeffrey on January 11, urging her to initiate a probe into the SEC's cybersecurity policies.
Published At
1/13/2024 2:07:57 PM
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