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The Morning Risk Report: SEC Calls for Better Controls as Cyber Scams Rise |
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The SEC report said nine public companies wired nearly $100 million to hackers who impersonated corporate executives or vendors. PHOTO: ANDREW HARNIK/ASSOCIATED PRESS
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Good day. Public companies that are easy targets of cyber scams could be in violation of accounting rules that call for firms to safeguard assets, the Securities and Exchange Commission said Tuesday.
Wiring scammers: The SEC investigative report said nine public companies wired nearly $100 million to hackers who impersonated corporate executives or vendors using emails. One company made 14 wire payments to a hacker, resulting in more than $45 million in losses, the SEC said.
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Increased scrutiny: The investigation signaled regulators’ increased scrutiny of companies’ efforts to protect against cyber scams and whether intrusions are made easier due to poor compliance.
Phony senders: Business email compromises have been responsible for at least $5 billion in losses since 2013 and ranked last year as the top cause of estimated losses linked to any cybercrime, the SEC said, citing data from the Federal Bureau of Investigation.
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Members of Iran’s Basij militia marched in a parade in Tehran in April. PHOTO: ATTA KENARE/AGENCE FRANCE-PRESSE/GETTY IMAGES
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U.S. Sanctions Aim to Sever Tehran’s Global Ties |
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The U.S. on Tuesday placed sanctions on a multibillion-dollar network of Iranian companies, banks and funds accused of financing the country’s elite paramilitary unit, ratcheting up global pressure on Tehran and sending a warning to governments and companies considering continued engagement with Iran.
By targeting the Basij militia’s financing network and citing the group’s alleged use of child soldiers and other human-rights abuses, the U.S. hopes to not only choke off funding to the prominent Islamic Revolutionary Guard Corps unit, but also scare off any business dealings with the country.
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U.S. Sanctions Give Russian Economy an Unintended Boost |
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U.S. sanctions have driven the price of oil and the ruble apart—leaving Russia with expensive crude and a cheaper currency, a combination that is helping its economy.
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Audi Settles Diesel Engine Probe for Almost $1 Billion |
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Volkswagen AG’s Audi unit agreed to pay a $927 million fine to settle a German fraud investigation related to the sale of cars with six- and eight-cylinder diesel engines that contained illegal software to manipulate emissions.
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Federal Judge Approves Musk, Tesla Settlements With
SEC |
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A federal judge approved settlements between Elon Musk, Tesla Inc. and regulators over the chief executive’s August tweet saying he had secured funding to take the auto maker private.
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Saudi Backlash Threatens U.S. Startups |
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As international backlash grows over Saudi Arabia’s alleged involvement in the possible murder of a journalist, Silicon Valley faces an unsettling fact: The kingdom is now the largest single funding source for U.S. startups.
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Sears Closings Are a Blessing for Some Landlords, a Curse for
Others |
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Owners of prosperous malls could benefit from the departure of Sears Holding Corp. stores. But for mall landlords in more economically depressed areas, the loss of an anchor such as Sears could be troubling.
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USA Gymnastics Interim CEO Mary Bono Resigns |
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Four days after being named interim president and CEO of the embattled USA Gymnastics federation, Mary Bono resigned after a recent tweet surfaced in which she criticized U.S. Olympic Committee sponsor Nike Inc.
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Advertisers Allege Facebook Didn't Disclose Metric Error for a
Year |
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Facebook Inc. knew of problems in how it measured viewership of video advertisements on its platform for more than a year before it disclosed them in 2016, according to a complaint filed Tuesday by advertisers.
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