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SEC Chair Says Cybersecurity Threats to Corporate America are Present Now ‘More Than Ever’

The Securities and Exchange Commission Chairman (SEC) Jay Clayton is warning corporate America that the threat of cyber-attacks is real, and it is not going away anytime soon. This warning comes on the heels of several warnings and advisories from multiple US Government agencies warning organizations of a projected upswing in cyber-attacks. In October alone, the Department of Homeland Security issued 30 advisories in regard to cyber threats. Recently the SEC issued their own advisories focusing on ransomware and credential compromises. Clayton understands the COVID-19 pandemic has burdened every corporation, but it cannot be an excuse to relax cyber security protocols. In fact, the threat is so prevalent, Clayton urges corporations to continue to practice “cyber hygiene” in order to mitigate threats.

Analyst Notes

: Cyber-attacks continue to rise throughout 2020 with no sign of slowing down. Having the SEC chairman weigh in not only validates advisories previously released by government organizations but is a reassuring sign that companies are beginning to understand the threat and how to better educate and protect themselves. Cyber defense takes place at every level of an organization. Individuals need to understand how a cyber-attack can be initiated at the individual level, use strong passwords, and incorporate multi-factor authentication. Businesses need to ensure the software is updated, systems are monitored around the clock for security events, encrypt and back-up data, and educate their staff on cybersecurity. For businesses lacking sufficient technical staff to maintain 24/7 security operations, it is important to find a trustworthy Managed Security Services Provider (MSSP) to partner with.