SEC fines NYSE parent company $10M for failing to report cyberattack
The Intercontinental Exchange (ICE) will pay a penalty of $10 million for failing to inform authorities about a cyber intrusion, according to an announcement from the United States Securities and Exchange Commission (SEC).
The breach, discovered in April 2021, involved malicious code inserted into a VPN device to access ICE’s corporate network. The SEC claims that ICE quickly identified the threat but failed to notify legal and compliance officials at their subsidiaries, including the New York Stock Exchange, for several days.
The agency’s Regulation Systems Compliance and Integrity (Regulation SCI) requires companies to inform the SEC immediately of any significant cybersecurity incident. SEC director of enforcement Gurbir S. Grewal said:
“When it comes to cybersecurity, especially events at critical market intermediaries, every second counts and four days can be an eternity.”
ICE is behind the world's largest network of exchanges and clearing houses. Its subsidiaries include exchanges like the New York Stock Exchange (NYSE), ICE Futures U.S. and Europe, alongside clearing houses and data providers.
The SEC’s enforcement action affected several ICE subsidiaries, including Archipelago Trading Services, Inc., New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., ICE Clear Credit LLC, ICE Clear Europe Ltd., NYSE Chicago, Inc., and NYSE National, Inc. Furthermore, the Securities Industry Automation Corporation agreed to a cease-and-desist order in addition to the monetary penalty.
In response to the fines, SEC Commissioners Hester Peirce and Mark Uyeda released a statement calling the fine an “overreaction” to a “minimal incident.”
“This disproportionately large penalty for failure to report in a timely manner an incident that the ICE SCI subsidiaries ultimately determined was de minimis suggests to us that the Commission is more concerned with generating large penalties than with ensuring that important market entities address technological vulnerabilities.”
According to Peirce and Uyeda, the fine contributes to the perception that the “Commission’s penalty regime is more a tool to generate numbers for year-end statistics and less a means to achieve outcomes that enhance market integrity.” The Commissioners had criticized the SEC’s approach to crypto companies in the past.
Magazine: What do crypto market makers actually do? Liquidity, or manipulation
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Web3 ai Could Lead 2025’s Best Cryptos With 1,747% ROI, Outshining Toncoin & Chainlink’s Performance
Toncoin (TON) and Chainlink (LINK) show strong market positions, but Web3 ai’s AI-driven platform and sub-$0.001 price point may offer greater potential for exponential growth.Toncoin (TON): Leveraging Telegram’s Ecosystem for GrowthChainlink (LINK): Technical Indicators Point to Potential BreakoutWeb3 ai: Affordable Entry with AI-Driven Security ToolsClosing Thought

Ethereum Set to Soar Past $4,000 Again
Ethereum eyes a comeback above $4,000 with a projected 55% surge amid rising market optimism.What’s Driving the Ethereum Rally?Could Ethereum Break Past Its All-Time High?

Lark Davis: Best Time to Make Money in Crypto
Crypto analyst Lark Davis says this is the best time to make money in crypto. Here’s why you should pay attention now.Why This Window Matters So MuchHow to Lock In for Maximum Gains

Top Rated Cryptos to Buy in 2025: BlockDAG, Tron, Polygon, and Polkadot Line Up Ahead of Q3 Shift
Explore the top rated cryptos to buy in 2025, featuring BlockDAG’s limited-time 'Double Your BDAG' offer, and why Tron, Polygon, and Polkadot are gaining strong attention this year1. BlockDAG (BDAG)2. Tron (TRX)3. Polygon (MATIC)4. Polkadot (DOT)Closing View on Key 2025 Contenders

Trending news
MoreCrypto prices
More








