A breach discovered in one of the Securities and Exchange Commission systems in 2016 can impact "trillions of dollars," cybersecurity expert Morgan Wright warned.
His comments came during an interview with Fox Business.
"It's the same issue as Equifax, they are supposed to be the guardians of trusted information," Wright said. "[Like Equifax is the Fort Knox for individuals' information] … the SEC is the Fort Knox for the companies, they hold all the gold, they hold all the most sensitive secrets."
He claimed the SEC's serious software vulnerabilities could actually have been used to manipulate the markets, according to Fox Business.
"[This is] insidious … you could alter data, change things. How could you ever get back to the point … [where people can] trust the information [they] have in there?"
SEC Chairman John Clayton disclosed the breach on Wednesday, CNET reported.
"In certain cases, threat actors have managed to access or misuse our systems," Clayton said "In August 2017, the commission learned that an incident previously detected in 2016 may have provided the basis for illicit gain through trading.
"Specifically, hackers exploited a software vulnerability in the SEC's 'EDGAR' system, a vast archive of financial records for companies listed on the US stock exchange. Hackers who knew what to look for could potentially use that data to gain an advantage on the stock market."
And Wright maintained the breach was indeed serious.
"You could use the information to make trades, acquisitions or adverse filings … It's like being an outsider with insider information," he said.
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