FINRA Lays Out Cyber Expectations in Action Against Broker-Dealer

A recent FINRA action against Lincoln Financial Securities Corporation, a general securities business, involving the firm’s alleged failure to safeguard customer data, preserve customer records and implement an appropriate supervisory system sheds light on regulatory expectations for a range of sectors. This article explains the alleged misconduct, the terms of the settlement, the remedial measures the firm is implementing, and the cybersecurity measures FINRA expects firms to take. See also “How Financial Service Providers Can Address Common Cybersecurity Threats” (Mar. 16, 2016).

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