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

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. ...