SEC Takes Cybersecurity “Seriously,” Gensler Says in New Letter

United States Securities and Exchange Commission (SEC) Chair Gary Gensler emphasized the agency’s commitment to cybersecurity in a letter dated February 6, following a SIM swap attack the previous month.

The letter, prompted by House Republicans’ inquiry into Gensler’s handling of the attack, provided a detailed timeline of the incident and reaffirmed the SEC’s dedication to cybersecurity measures.

Gensler outlined the ongoing investigation into how the unauthorized party managed to change the SIM card associated with the SEC’s account and obtain sensitive information. Despite efforts, the SEC has yet to identify the perpetrator.

In response to criticism from House Republicans, who raised concerns about the lack of two-factor authentication on the affected account, Gensler defended the SEC’s cybersecurity efforts while acknowledging the need for improvement.

The criticism against Gensler extends beyond the SIM swap incident, with Republican senators also expressing concerns about the SEC’s conduct in other matters, such as the DEBT Box case. Despite the backlash, Gensler affirmed the SEC’s readiness to address further inquiries and provide necessary information to lawmakers.

The outcome of the investigation into the SIM swap attack and the SEC’s response to ongoing scrutiny remain uncertain. However, Gensler assured House Republicans of the SEC’s commitment to transparency and cooperation in addressing their concerns.

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