“How to Make Money Trading: Hack Into SEC, Peek at 157 Secret Earnings Reports,” The Wall Street Journal, January 16, 2019. A Ukranian hacker looked in confidential SEC EDGAR files for six months, and used that information to invest, making more than $4 million, it is alleged. This follows an earlier breach of the SEC system.
One of the elements of placing a value on information is whether you see it before others do, and can therefore use it before they can.
And one of the elements of Governance is the duty to protect confidential information in your custody. So, secure your firewall and keep your employees from responding to phishing emails. This applies to the government as well as to private and public companies.
One of the elements of Compliance is don’t break the laws by hacking a government data base and trading on non-public information.