US Lincoln Financial 2002 Misuse (Q16259)
From Open Risk Manual
A data breach risk event
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | US Lincoln Financial 2002 Misuse |
A data breach risk event |
Statements
3E0E7CFE-24D7-4516-8090-3890298EB4A0
January 2002
0 references
The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed fines of $450,000 against Lincoln Financial Securities, Inc. (LFS) and $150,000 against an affiliated firm, Lincoln Financial Advisors Corporation (LFA), for failure to adequately protect non-public customer information. In addition, LFS failed to require brokers working remotely to install security application software on their own personal computers used to conduct the firms securities business. Securities and Exchange Commission (SEC) and FINRA rules require every broker-dealer to adopt written policies and procedures that address safeguards for the protection of customer records and information. FINRA found that for extended periods of time seven years for LFS and approximately two years for LFA ce (English)
