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The SEC and CFTC have issued further penalties to Financial Institutions for the failure to secure unapproved communications methods and keep appropriate records and supervision. That are fundamental to trades and transactions and it seems continues to be a problem for Financial institutions to secure.
(https://lnkd.in/dEDVteTt)
To date the SEC has bought over 30 enforcement actions and issued over $1.5 billion in penalties to financial institutions for failing to comply the books and records requirements of the federal securities laws. With today’s actions, the CFTC has now brought enforcement actions against 18 financial institutions, and imposed over $1 billion in penalties, for violations of the CFTC’s recordkeeping and supervision requirements involving the use of unapproved communication methods, including messages sent via personal text or WhatsApp.
That is over $2.5 billion of funds paid out to address penalties for not securing traders communications tools and keep appropriate records of transactions.
Ted Dziekanowski Rachel V. Rose, JD, MBA
#cybersecurity #cyberriskmanagement #cftc #securitiesandexchangecommission
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