SEC’s Clayton asked to expand cyberattack rule even as problems with current program found

28 September 2018 11:19pm
US Securities and Exchange Commission Chairman Jay Clayton has been asked to expand the reach of a rule to thwart cyberattacks on the stock and bond markets, even as problems were identified with the oversight of the current program.

SEC Commissioner Kara Stein said this week that she asked the chairman to “prioritize” extending the requirements to various market participants that haven’t had to establish written cybersecurity policies and procedures for their computers.

“Tepid responses from regulators and the government are invitations that cybercriminals simply cannot ignore,” said Stein, one of two Democrats on the five-member commission. “The rules left out many participants.”