FINRA Fines Lincoln Financial Subsidiary $650,000 For Cybersecurity Shortcomings

Glen A. Kopp and Laura Preback Hang of Bracewell LLP write:

A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential customer information after its web-based customer account database was hacked in 2012. The 2012 breach came on the heels of a $600,000 fine, imposed by FINRA in 2011, for lax security measures relating to its customer database.

Read more on Bracewell. The full text of the Lincoln Financial Securities settlement is available here.

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