Two affiliated broker-dealers settled FINRA charges for lacking reasonable cybersecurity controls at branch offices. The failures resulted in multiple incidents that exposed thousands of customers' personal information.
News & Insights
New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.
SEC Chair Gary Gensler asserted that the agency "takes its cybersecurity obligations seriously" and that Commission staff recognize that the recent hack of the SEC's "X" account by an unauthorized party raises "concerns about the security of the SEC's social media accounts."
The New York State Department of Financial Services fined and delicensed a virtual currency trading firm for numerous compliance violations of New York State's Virtual Currency Regulation.