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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-08-21T21:03:00
Equiniti Trust Company has agreed to pay $850,000 to the Securities and Exchange Commission (SEC) to settle allegations that its failed security measures allowed millions in client funds to be stolen in two cyber incidents.
Equiniti, formerly known as American Stock Transfer & Trust Company, experienced two cyber intrusions, in 2022 and 2023, respectively, which led to the loss of more than $6.6 million in client funds, the SEC said a press release Tuesday. American Stock reimbursed clients who experienced losses, the agency noted.
However, it was American Stock’s poor security measures that allowed the intruders to be successful at stealing client assets, the SEC said in its order.
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News and analysis for the well-informed compliance or audit exec.
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2023-10-05T19:58:00Z By Adrianne Appel
The timing of a recent cyberattack against Clorox juxtaposed against the Securities and Exchange Commission’s adoption of its cybersecurity incident disclosure rule soon to take effect has presented a case study regarding how companies might seek to meet the requirements of the rule.
2017-01-31T14:00:00Z By John Reed Stark
As the SEC and FINRA are taking cyber-security much more seriously, John Reed Stark outlines a few ways in which financial firms can also do more to protect their data.
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In an interview on May 17, SEC Chair Mary Jo White made an eye-opening comment about cyber-security. Cyber-security, she stated, is now the “biggest risk facing the financial system.” What does that mean for the Commission going forward? Bruce Carton reports.
2024-08-22T20:26:00Z By Jeff Dale
Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority over alleged supervisory failures in respect to over-the-counter securities.
2024-08-22T20:04:00Z By Aaron Nicodemus
Broker-dealer American Portfolios will pay a $225,000 fine to the Financial Industry Regulatory Authority (FINRA) over alleged deficiencies in its anti-money laundering program.
2024-08-20T18:56:00Z By Adrianne Appel
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
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