Oct 212009
 

Finextra reports:

US broker-dealer Commonwealth Financial Network has been fined $100,000 for failing to insist its registered representatives maintain anti-virus software on their computers. The failure led to an intruder gaining access to the firm’s Intranet, accessing customer accounts and entering unauthorised purchase orders worth over $523,000.

According to an SEC cease and desist order – first published by ZDNet – an intruder used a computer virus in November 2008 to obtain the login credentials of a Commonwealth registered representative.

Some time later that month, the intruder used the login credentials to enter Commonwealth’s Intranet site and view information on how to execute trades.

Read more on Finextra.com

Photo credit: Jim Bourg/Reuters

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