- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2024-08-21T21:03:00
Equiniti Trust Company has agreed to pay $850,000 to the Securities and Exchange Commission (SEC) to settle allegations that its failed security measures allowed millions in client funds to be stolen in two cyber incidents.
Equiniti, formerly known as American Stock Transfer & Trust Company, experienced two cyber intrusions, in 2022 and 2023, respectively, which led to the loss of more than $6.6 million in client funds, the SEC said a press release Tuesday. American Stock reimbursed clients who experienced losses, the agency noted.
However, it was American Stock’s poor security measures that allowed the intruders to be successful at stealing client assets, the SEC said in its order.
2024-10-16T15:34:00Z By Aaron Nicodemus
It was a double whammy of cybersecurity no-nos for a federal contractor hit with a data breach: The personal data of Medicare beneficiaries contained in unencrypted screenshots were allegedly compromised when their third-party vendor’s server was hacked.
2023-10-05T19:58:00Z By Adrianne Appel
The timing of a recent cyberattack against Clorox juxtaposed against the Securities and Exchange Commission’s adoption of its cybersecurity incident disclosure rule soon to take effect has presented a case study regarding how companies might seek to meet the requirements of the rule.
2017-01-31T14:00:00Z By John Reed Stark
As the SEC and FINRA are taking cyber-security much more seriously, John Reed Stark outlines a few ways in which financial firms can also do more to protect their data.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
2025-06-19T19:28:00Z By Ruth Prickett
Fraud now accounts for around 40% of all crime in the U.K., posing a major problem for banks and consumers. Ted Datta, head of industry practice for financial crime compliance at Moody’s, warns that the risk is growing fast.
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