House Committee Weighs Cybersecurity Risks of Wall Street Audit System

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A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. (Photo/REUTERS/Andrew Kelly)

December 1, 2017
OAN Newsroom

A House subcommittee says implementation of a Wall Street trading database could be delayed indefinitely due to cyber-security concerns.

The Consolidated Audit Trail database was introduced in response to the 2010 Flash Crash on Wall Street.

The system would keep track of stock and bond records.

However, lawmakers argue CAT could be vulnerable to hacking, and secret trading information could be exposed.

The committee found if the database was breached then the names, social security numbers, and financial information of Wall Street traders could be leaked.

CAT has been under development since 2010, and has had repeated deadline extensions.