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(Reuters) — The head of the Securities and Exchange Commission will warn of the need to boost its defenses against "advanced" and "persistent" cyber threats when he asks Congress on Tuesday for more funding, according to prepared remarks seen by Reuters on Monday.
SEC chairman Jay Clayton will testify on Tuesday before the Financial Services and General Government Subcommittee of the Senate Committee on Appropriations to make the case to increase the agency's budget.
In prepared remarks, he will tell lawmakers that the agency has taken various steps to reinforce the security of its electronic database, EDGAR, after a 2016 cyber intrusion.
Mr. Clayton, appointed by President Donald Trump a year ago, will also highlight the agency's effort to strengthen the system through penetration testing and a review of the database's security code to help identify and fix system vulnerabilities.
The SEC disclosed last September that the database, which houses millions of filings on corporate disclosures, had been hacked and the information potentially used for insider trading.
The SEC is still investigating the breach and has disclosed little information about it.
A spokeswoman for Mr. Clayton declined to comment Monday.
On Tuesday, Mr. Clayton will ask lawmakers on the U.S. Senate Appropriations panel for a 2019 modest budget increase to $1.658 billion from 2018's $1.652 billion.
"Uplifting the agency's cybersecurity program will remain a top priority," Mr. Clayton will say. "Our request would support investment in tools, technologies and services to protect the security of the agency's network, systems and sensitive data."
The budget increase would also permit the agency to lift its two-year hiring freeze to help staff a new cyber unit and fund the appointment of a new chief risk officer to focus on cyber threats.
"Our (budget) request would allow for critical investments in our ability to protect investors," Mr. Clayton will say.
(Reuters) — Bank of Montreal, operating as BMO Financial Group, and Canadian Imperial Bank of Commerce said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country.