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R.T. Jones Pays SEC $75K for Failing to Adopt Cyber-Security Policies

Jaclyn Jaeger | October 5, 2015

Investment advisory firm R.T. Jones last week reached a $75,000 settlement with the Securities and Exchange Commission for failing to implement cyber-security policies, ultimately resulting in a cyber-attack that compromised the personally identifiable information of 100,000 individuals.

According to the SEC, R.T. Jones failed to adopt written policies and procedures "reasonably designed to protect customer records and information," in violation of the "Safeguards Rule." Adopted in 2000, the Safeguards Rule requires every investment adviser registered with the SEC to adopt policies and procedures that:

  • Ensure the security and confidentiality of customer records and information;
  • Protect against any anticipated threats or hazards to the security or integrity of customer records and information; and
  • Protect...
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