The Securities and Exchange Commission or SEC announced Monday its two new initiatives aimed to address cyber-based threats and protect retail investors.
SEC announced the creation of a Cyber Unit to focus the Enforcement Division's substantial cyber-related expertise on targeting cyber-related misconduct. The agency also established a retail strategy task force that will implement initiatives that directly affect retail investors.
The Cyber Unit will consolidate and advance the Enforcement Division's years' of efforts in the detection and pursuit of fraudulent conduct. The unit, which has been in the planning stages for months, will include staff from across the division.
SEC has appointed Robert Cohen as the Chief of the Cyber Unit. Since 2015, Cohen and Joseph Sansone have been Co-Chiefs of the Market Abuse Unit. Sansone will continue to lead the Market Abuse Unit as its Chief.
Stephanie Avakian, Co-Director of the SEC's Enforcement Division, said, "Cyber-related threats and misconduct are among the greatest risks facing investors and the securities industry. The Cyber Unit will enhance our ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance."
Further, SEC's Retail Strategy Task Force will develop proactive, targeted initiatives to identify misconduct impacting retail investors.
The task force will include enforcement personnel from around the country and will work with staff across the SEC, including from the SEC's National Exam Program and the Office of Investor Education and Advocacy.
According to SEC Chairman Jay Clayton, the new initiatives reflect the division's continual efforts to pursue new forms of misconduct while keeping a watchful eye out for Main Street investors.
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