The SEC Chairman Jay Clayton stated that EDGAR’s test-filing component had a software vulnerability that was exploited to gain unauthorized access. Hackers possibly accessed usernames, passwords and personal details of the firm’s blue-chip clients. Potentially, he will still be allowed to keep roughly $70 million he made since 2016 from selling Equifax stock. Considering not many corporate executives face harsh legal consequences for their mismanagement conducts. Fines and clawbacks with no serious legal consequences serve as mere condemnation and not as a deterrence to inhibit recurring bad executive behavior.

Source: Forbes October 03, 2017 17:03 UTC