Not Cutting Any Slack

We have, time and again, tried to sum up the utility of technology by shedding light on what it directly brings to the table. This assortment of direct offerings can include things like accessibility to digital realm, quicker operations, and a cost-effective model. However, by focusing on benefits that just belong to this category, we ensure that we miss out on so much more. We restrict our own selves from understanding the true abilities of this shrewd piece of man’s imagination, abilities that are not only more profound than what we see on the surface, but also more lifelike. For instance, we often view technology as something made up numerous complex tech jargons, but beyond that it also provides us with a platform to look from a wider point of view and become more insightful as a person. The way technology opens up the path for us to achieve almost anything makes it much bigger than just a mere means to an end. It’s a tool to elevate humanity as whole, but there is a problem. Just how we can use technology to diversify our perspective in a positive way, we are also given a chance to use it in a negative way. To prevent that, we see regulatory bodies working tirelessly in a pursuit to form a healthy environment. Now, the task certainly sounds straightforward except that the technology is growing at a lightning pace and keeping up is turning into an increasingly extraordinary task every day.

For now, though, the regulators seem to have it under control and latest sanctions handed out by Securities and Exchange Commission of U.S. prove that very well. On Monday, SEC sanctioned three financial advisory companies over email account invasions that exposed personal of thousands of clients. The commission’s driving argument was structured around the firms’ failure to comply with the established security policies. As per the reports, three firms that got penalized in this case were Cetera Financial Group, Cambridge Investment Research Inc, and KMS Financial Services Inc. Entities that were closely associated with these companies also got fined.

The details gathered from some sources also deliver in-depth information like how much share each firm had in this mass data breach. If these sources are to be trusted, then Cetera’s lack of compliance led to over 60 email accounts getting taken over and data of around 4.388 customers getting compromise. Cambridge attack hurt over 4,900 customers. Number of customers affected by KMC breach is unclear, but it is understood to be sizeable.

While talking about this case, the chief of SEC Enforcement Division’s Cyber Unit, Kristina Littman said:

“It is not enough to write a policy requiring enhanced security measures if those requirements are not implemented or are only partially implemented, especially in the face of known attacks.”

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