US Senator Questions SEC Account Security On Platform X

US Senator Ron Wyden (photo Instagram @ronwyden)

US Senator Ron Wyden submitted a letter to Inspector General of the Securities and Exchange Commission (SEC) Deborah J. Jeffrey to question SEC account security practices.

This letter was submitted on Thursday, January 11, the day after the SEC account on platform X was hacked. Through the letter, Wyden said that the SEC had failed to follow cybersecurity practices. Wyden also asked for an investigation into the matter.

"The SEC's failure to follow the best practices of cybersecurity cannot be forgiven, especially given the institution's new requirements to disclose cybersecurity," Wyden wrote in a letter distributed by Axios.

Wyden firmly believes that this hack occurred due to the negligence of the SEC, according to the results of the X-party investigation some time ago. Hours after the SEC's account was hacked, the SEC security team said that the SEC's account did not use multi-factor authentication (MFA).

In fact, MFA is one of the things that should not be ignored to maintain account security. Senator Wyden also questioned the SEC's reason for going through this stage for ignoring a single stage to protect the account was a fatal act.

If X's statement is correct, the SEC's social media accounts should have been secured using the industry's best practices. It doesn't have to activate the MFA, but it also has to secure its account with a hardware token that is resistant to phishing," Wyden explained.

Actually, Wyden is not the only one demanding explanations and investigations regarding the hacking of SEC social media accounts. Apart from Wyden, there were Senators J. D. Vance and Thom Tillis who gave letters directly to SEC Chair Gary Gensler.

Just like Wyden, Vance and Tillis asked for an explanation regarding SEC account security policies and the results of hacking investigations. Both gave the deadline no later than January 23.

Previously, the SEC account was hacked and infiltrated by irresponsible parties. When the account was taken over, the SEC account said that the bitcoin spot EFT had received approval from the regulator. Apparently, this upload was not made by the SEC.

For this irresponsible upload, the price of bitcoin had risen. Luckily, the SEC account was able to return a few hours later. They said that the upload was invalid because it was not made by the SEC.