New SEC enforcement chiefs view cybercrime as big threat.
New SEC enforcement chiefs view cybercrime as big threat.

U.S. Securities and Exchange Commission (SEC) newly announced co-directors of enforcement, Stephanie Avakian and Steven Peikin, both acknowledged cybercrime as the biggest market threat.

The two were named Thursday and the dual enforcement role will help prevent problems by allowing officials to recuse themselves when conflicts or the appearance of conflicts of interest exist, according to Rueters.

An uptick in the number of cybercrime investigations ranging from cyberespionage to steal information for insider trading, steal trade secrets, and steal assets has caused the agency to track cybercrime more closely, Avakian told the publication.

"The greatest threat to our markets right now is the cyber threat," Peikin said. "That crosses not just this building, but all over the country."

Peikin, a former federal prosecutor, will join the SEC on June 26 and Avakian has been serving as acting director of enforcement since December in her second stint at the agency since rejoining in 2014.