The Financial Industry Regulatory authority is requiring Osaic Wealth and Securities America to each pay a $150,000 fine over cyber breaches that resulted in each firm experiencing numerous cyber intrusions, many of which involved email takeovers that could have been prevented by, for example, multi-factor authentication.
The intrusions, according to FINRA’s order, allowed unauthorized third parties to gain access to customers’ nonpublic personal information including, among other things, Social Security numbers, dates of birth, bank account numbers and drivers’ license information.
Osaic Wealth and Securities America both self-reported cybersecurity incidents that occurred at branch offices of each firm.
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