The Securities and Exchange Commission is continuing to ramp up its activity in the realm of data security. Late last month, it announced a settlement with investment adviser R.T. Jones Capital Equities Management over the firm’s data security practices, resulting in a $75,000 fine and a cease-and-desist order. After hackers gained “full access rights and copy rights” to personally identifiable information (PII) on the webserver of R.T. Jones’ service provider, the SEC charged the investment company with violating the Commission’s “Safeguards Rule” by its “failure to adopt written policies and procedures reasonably designed to protect consumer records and information.” The Commission noted approvingly, however, that R.T. Jones has since taken remedial efforts.
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Inadequate cybersecurity policy draws wrath of SEC
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