SEC cyber investigations focus on market-manipulation data breaches

The Securities and Exchange Commission's investigations of cyber incidents are focused largely on the theft of data that could be used to manipulate markets, according to the commission's deputy for enforcement, who said an enforcement action for failure to disclose cyber risks has not happened yet.

“It would have to be significant breach,” Stephanie Avakian, deputy director of the SEC's enforcement division, said Wednesday at the Wilson Center's Cybersecurity Conference for Lawyers in Washington, DC.

Avakian said “sure” there could...