Financial Company Fined $650,000 for Poor Cybersecurity.
November 17, 2016
The Financial Industry Regulatory Authority (a division of FINRA), recently fined Lincoln Financial $650,000 for failing to secure confidential customer data. The regulators found out that hackers overseas had hacked into their server accessing confidential customer data (including social security numbers) for 5,400 customers.
With cyber-attacks on the rise, regulators (especially in the financial industry like SEC & FINRA), have been cracking down on lackluster cybersecurity policies and enforcement by companies. Regulators are now doing regular audits on financial firms to prevent mishaps like what happened with Lincoln Financial.
With confidential information on the internet more than ever, it is now even more important to be cybersecurity compliant in order to have the best chance in securing any confidential data you have and to avoid any hefty fines by regulators.
There are several cybersecurity companies your company can go to to help prevent certain aspects of cybersecurity, but there is only one company that covers all aspects of cybersecurity plus compliance reporting per financial and healthcare cybersecurity guidelines, all in one convenient application; Entreda. Entreda has created hundreds of cybersecurity policies and can not only generate an effective policy for you, but help enforce that policy all while producing real-time documentation of your policy enforcement!