Prospect, one of the UK's leading trade unions, has revealed that in June 2025, it was seriously affected by a cyberattack which had been discovered in the wake of a sophisticated cyberattack that had been launched against it. This underscores the sophistication and persistence of cyber attacks against professional bodies that are becoming ever more sophisticated. A significant part of the data that has been compromised is sensitive financial and personal data belonging to members of Prospect, the union affiliated with Prospect, and its member union, Bectu, a major representation body for professionals in the film and television industry in the country.
Prospect, a national organisation of close to 160,000 engineers, scientists, managers, and specialists from companies including BT Group, Siemens, and BAE Systems, disclosed that the breach involved a considerable amount of confidential information from its members. Based on preliminary findings, it has been found that the attackers have accessed names, birthdates, contact information, bank account information, including sort codes, for over one year.
Moreover, it has been suggested that data related to protected personal characteristics, including gender, race, religion, disability status, and employment status, may also have been compromised. A disclosure of this nature is not surprising considering that unions and membership-based organisations are increasingly relying on digital platforms for managing member records, communicating with members, and processing subscriptions – all of which make them attractive targets for cybercriminals who are looking for large quantities of personal information in bulk.
Due to rise in breaches among its members and on its systems, the Security and Exchange Commission (SEC) is thinking how it can tackle the problem of cyber threats.
The SEC suggested new amendments in March to supervise how investment firms and public companies under its purview should strengthen their IT security management and incident reporting.
Throughout the years, SEC's disclosure regime has advanced to highlight evolving risks and investor needs.
Today, cybersecurity is an emerging risk with which public issuers increasingly must contend. Investors want to know more about how issuers are managing those growing risks. A lot of issuers already provide cybersecurity disclosure to investors. I think companies and investors alike would benefit if this information were required in a consistent, comparable, and decision-useful manner, said SEC Chair Gary Gensler.
In July, the SEC thrashed JP Morgan & Co, UBS and online stock-trader TradeStation with having deficient customer identity programs, all these programs have violated the Identity Red Flag rules, or regular S-ID between between January 2017 and October 2019.
Regulation S-ID aims to protect investors from identity threat risks. All the three financial organizations have agreed to: 1.Cease and desist from violations in future, 2. Getting censored, 3. Pay fines of $1.2 Million, $925,000, and $425,000, respectively.
Besides these commitments, the SEC's proposed amendments will need the financial institutions to provide current report regarding material cybersecurity cases and periodic reporting to give updates about earlier reported cybersecurity incidents.
“proposed rule defines a cybersecurity incident as an unauthorized occurrence on or conducted through a registrant’s information systems that jeopardizes the confidentiality, integrity, or availability of a registrant’s information systems or any information residing therein.” Under the new rule, it considered "information systems" in a broad sense, especially when the financial firm made use of a cloud- or host based systems.
"The proposal also would require periodic reporting about a registrant’s policies and procedures to identify and manage cybersecurity risks. The registrant’s board of directors' oversight of cybersecurity risk, and management’s role and expertise in assessing and managing cybersecurity risk and implementing cybersecurity policies and procedures."