Lincoln Financial Unit Gets $650K Fine After Server Hack

By Steven Trader (November 15, 2016, 6:42 PM EST) -- A Lincoln Financial Group subsidiary on Monday agreed to accept a $650,000 fine leveled by the Financial Industry Regulatory Authority and implement tighter security protocols after hackers in mid-2012 accessed its cloud server and lifted the confidential records of roughly 5,400 customers.

Indiana-based Lincoln Financial Securities Corp., which operates more than 500 branch locations nationwide, paid a $450,000 FINRA fine stemming from lax security measures in its web-based electronic portfolio management system back in February 2011.

Since then, it has failed to establish and enforce a supervisory system, including written supervisory procedures, that would ensure the security of its customers' confidential...

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