Cybersecurity remains a top priority for the US Securities and Exchange Commission (“SEC” or the “Commission”) despite a change in leadership. On June 8, 2017, Stephanie Avakian and Steven Peikin were named the new co-directors of the SEC Division of Enforcement.1 These appointments followed a change in presidential administration and the confirmation of new Commission Chairman Jay Clayton, all of which generated considerable speculation over whether the change in leadership would bring with it new enforcement priorities at the SEC. However, recent statements by Co-Directors Peikin and Avakian make clear that cybersecurity will remain a high enforcement priority at the SEC. In particular, Co-Director Peikin has been quoted as saying that “the greatest threat to our markets right now is the cyber threat.”2 Similarly, Co-Director Avakian noted that there has been a recent “uptick” in cybercrime investigations and added that she anticipates seeing “the cyber threat continue to emerge” in coming years.3
