Senators Ask SEC Chief to Mull Further Cyber Rules After EDGAR Hack

Effects of Labor's fiduciary rule, Clayton's testimony says, "extend well beyond the DOL's jurisdiction, and vice versa."

As to an SEC uniform fiduciary standard, Clayton says in his testimony that "our standards should be clear and comprehensible to the average investor, consistent across retirement and nonretirement assets and coordinated with other regulatory agencies, including the DOL and state insurance regulators."

As to the committee's cybersecurity concerns, Clayton states in his testimony that "Rightfully, it [the EDGAR breach] will cause this Committee and others to increase their focus on whether the commission's approach to cybersecurity appropriately addresses our cyber risk profile. This is all the more reason it was appropriate to disclose the 2016 intrusion now even though our review and investigation are ongoing. We must remain on top of evolving threats when it comes to securing our own networks and systems against intrusion."

Other initiatives, Clayton's testimony continues, "resulting from the general cybersecurity review we initiated in May are ongoing or will commence shortly. These include internal and interagency incident response exercises and continued interaction on cybersecurity efforts with other government agencies and committees, including the Department of Homeland Security, the Government Accountability Office and the Financial and Banking Information Infrastructure Committee."

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