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SEC fines brokerage firms over email hacks that exposed client data



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The U.S. Securities and Exchange Commission has fined several brokerage firms a total of $750,000 for exposing the sensitive personally identifiable information of thousands of customers and clients after hackers took over employee email accounts.
A total of eight entities belonging to three companies have been sanctioned by the SEC, including Cetera (Advisor Networks, Investment Services, Financial Specialists, Advisors, and Investment Advisers), Cambridge Investment Research (Investment Research and Investment Research Advisors), and KMS Financial Services.
In a press release, the SEC announced that it had sanctioned the firms for failures in their cybersecurity policies and procedures that allowed hackers to …

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