Chicago Broker Fined $1.5m for Inadequate Cybersecurity

A US futures and securities clearing broker has been slapped with a $1.5 million fine for failing to implement and enforce adequate cybersecurity measures. An investigation into Phillip Capital Incorporated (PCI) by the US Commodity Futures Trading Commission (CFTC) revealed a culture in which employees were not monitored to ensure that the cybersecurity of the business was protected and maintained.

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