The Securities and Exchange Commission revealed that a broker-dealer and investment adviser with offices in Des Moines has agreed to pay $1 million to resolve allegations that it violated cybersecurity policies and procedures in the wake of a cyberattack that exposed the personal information of thousands of customers.
In accordance with Regulation S-ID, the SEC filed charges against J.P. Morgan Securities LLC, UBS Financial Services Inc., and TradeStation Securities Inc. for failures in their efforts to stop consumer identity theft.
The purpose of Regulation S-ID is to assist in defending investors from the dangers of identity theft. Broker-dealers and investment advisers are reminded by these actions to develop and implement identity theft prevention strategies that are suitably tailored to their businesses and to update them in response to the evolving threat of identity theft.
