Pepperstone Updates Clients on Data Breach Investigation

Aziz Abdel-Qader reports:

Multi-regulated FX broker Pepperstone has just updated its clients about the data security breach that occurred just over a week ago. The company said the security issue had originated from one of its third-party vendors after cybercriminals used malware to compromise its computers and obtained access to the provider’s credentials.

Not so long after that, the team further explains, the intruders then used those credentials to gain some access to Pepperstone’s internal client relationship management system (CRM). Although it managed to stop the cyber attack, the miscreant gained possession of some personal information of a subset of Pepperstone’s clients.

Read more on Finance Magnates.

Elsewhere, Andrew Saks is just bubbling over with praise for how Pepperstone handled the incident:

Putting your hand up and admitting important matters in a transparent fashion is the number one tenet of running a business properly.

On this basis, absolute kudos must go to Australian retail FX and CFD company Pepperstone this week, notably around the way in which the company dealt with a data leak that temporarily plagued its systems.

This is the first time in my 29 year career in FX, most of which bas been within the infrastructure and systems development sector, that I have ever seen any company in any capacity whether a bank, liquidity provider, platform vendor or integration specialist openly admit that a data leak has occurred and to actively reassure customers without being prompted that all is well.

He’s really never seen any other firm notify promptly and transparently?  Seriously?  Have things really been that bad?

Read more of his post on FinanceFeeds.

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