Chicago brokerage to pay $1.5 million for cyber attack lapses: U.S. CFTC

guest · Sep 13, 2019

Chicago brokerage to pay $1.5 million for cyber attack lapses: U.S. CFTC
September 13, 2019
https://www.reuters.com/article/us-...or-cyber-attack-lapses-u-s-cftc-idUSKCN1VY25X

The U.S. Commodities Futures Trading Commission (CFTC) said on Friday that a Chicago-based futures brokerage will pay a total of $1.5 million for letting cyber criminals breach the firm’s email systems and withdraw $1 million from a customer’s account.
Phillip Capital Inc (PCI) neither admitted nor denied the CFTC’s findings or conclusions, the CFTC said in a settlement with the firm. A Phillip Capital representative did not return a call requesting comment.

The case, which stems from a February 2018 phishing attack, illustrates the vulnerability of financial services firms to cyber attacks and how lapses in following procedures for responding to a cyber attack can spur trouble with regulators.
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Chicago brokerage to pay $1.5 million for cyber attack lapses: U.S. CFTC

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