A few weeks ago, a St. Louis-based investment advisory firm settled charges with the Securities and Exchange Commission over allegations that it failed to implement even threadbare cyber security policies and procedures in advance of a 2013 breach of its server, which was hosted by a third party.
The attack, which investigators ultimately traced to China, resulted in the compromise of thousands of the firm’s clients’ personally identifiable information, or PII, according to the SEC.
The firm paid a $75,000 penalty, and though it did not admit or deny the SEC’s findings, the regulator’s allegations present a scenario of complete negligence on the part of the firm.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
