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SEC Hack Proves Bitcoin Has Better Data Security (#GotBitcoin?)

SEC Hack Proves Bitcoin Has Better Data Security  (#GotBitcoin?)

Gabriel Benincasa is expected to help identify and mitigate risks following 2016 breach of filings database. SEC Hack Proves Bitcoin Has Better Data Security (#GotBitcoin?)

SEC Names Its First Chief Risk Officer

The Securities and Exchange Commission on Thursday said Gabriel Benincasa would become the regulator’s first chief risk officer.

The role was created to strengthen risk management and cybersecurity efforts at the regulatory agency, whose public online database of filings was hacked in 2016.

SEC Chairman Jay Clayton said he planned to establish the position in a hearing at the U.S. House Financial Services Committee in October 2017, a month after the SEC disclosed the breach.

“Cybersecurity is critical to the operations of our markets and the risks are significant and, in many cases, systemic,” Mr. Clayton said in a written statement in 2017. “We also must recognize—in both the public and private sectors, including the SEC—that there will be intrusions, and that a key component of cyber risk management is resilience and recovery.”

Hackers exploited a software vulnerability in the system’s test filing component, which resulted in access to nonpublic information, the agency said. The SEC said the hack might have led to illicit gains from trading.

Mr. Benincasa is expected to help coordinate work to identify, monitor and mitigate key risks the agency faces, as well as serve as an adviser on enterprise risks and controls issues, the regulator said Thursday.

Mr. Benincasa previously worked in risk and compliance positions in the financial sector, including at CIT and Quad Capital, according to his LinkedIn profile.

Julie Erhardt, who had been serving in the role in an acting capacity, will return to her role as deputy chief accountant for technology and innovation in the office of the SEC’s chief accountant, the regulator said.

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