Due to cyber infiltration, Intercontinental Exchange (ICE) faces a $10 million fine

Due to cyber infiltration, Intercontinental Exchange (ICE) faces a $10 million fine
Due to cyber infiltration, Intercontinental Exchange (ICE) faces a $10 million fine

Intercontinental Exchange Inc. (ICE) will settle claims that its firms failed to promptly inform the Securities and Exchange Commission of a cyber breach event by paying a $10 million penalty, the SEC announced.

The Securities and Exchange Commission announced on Wednesday that Intercontinental Exchange Inc. (ICE) will pay a $10 million penalty to resolve allegations that its companies neglected to notify the SEC of a cyber intrusion event right away.

The corporate network was accessed remotely with a VPN device that had a code implanted in April 2021, according to ICE. However, the staff failed to alert the subsidiaries for several days, as the regulators discovered. The agency claimed that because of this delay, the subsidiaries—including the New York Stock Exchange—violated agency regulations requiring prompt reporting to the SEC.

The attempt to get access to the exchange’s network was unsuccessful and had no effect on market operations, according to an ICE spokeswoman, who did not confirm or refute the SEC’s accusations.

As regulators work to address the growing risks of cyberattacks, the SEC has been advocating for quicker disclosure of cybersecurity breaches.

Also readUnveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity

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