Lincoln Financial Fined $600,000 for Failing to Protect Confidential Client Information
The Financial Industry Regulatory Authority (FINRA) announced that it fined Lincoln Financial Securities Corporation and Lincoln Financial Advisors Corporation $600,000 for failing to protect confidential client information, including Social Security numbers, account numbers and balances. Apparently, Lincoln allowed employees to access client account records from their personal computers using shared user names and passwords. Using this information, employees could access customer account records from 2002 to 2009 through any Internet browser, according to FINRA. Investor News reported that some 1 million customer records were viewed through the shared logins over that seven year time frame.
After the discovery of the “data vulnerabilities”, Lincoln enhanced its information security policies and procedures, as well as offering credit monitoring services for a year to those who had information accessed.