‘We Need More Money’ for Cybersecurity, SEC’s Piwowar Says

Michael Piwowar. Photographer: Andrew Harrer/Bloomberg

The SEC lacks the funds to provide some cybersecurity enhancements that could help the commission better safeguard its data, agency Commissioner Michael Piwowar said March 7.

The Republican’s remarks at a regtech conference in Washington came after the Securities and Exchange Commission in February asked Congress for $45 million and the continued use of a reserve fund to improve its cybersecurity and to take on other technology initiatives. The request was in the SEC’s $1.658 billion budget proposal for fiscal 2019.

The money would help with the Electronic Data Gathering, Analysis, and Retrieval corporate filings database, according to the commission. Hackers breached the EDGAR system in 2016, the SEC said last year, soliciting concern among lawmakers and others about the agency’s ability to protect its data.

“In order for us to protect this data that the public entrusts us with, we need more money to ramp up some cybersecurity efforts,” Piwowar said.