SEC urges stronger cybersecurity steps

The Securities and Exchange Commission on Monday urged corporations under its supervision to strengthen their cybersecurity measures amid an expected increase in digital transactions during the holiday season.

SEC issued the advisory in the light of a possible increase in cyber financial crimes and scams in the wake of reports of hacking incidents.

“The commission hereby encourages all corporations and their board to strengthen their cybersecurity measures,” the SEC said.

The SEC said companies should assess their cybersecurity risks and address them with the appropriate cybersecurity measures.

The SEC said corporations should also ensure their board member and senior management have oversight over risks and threats.