The US Securities and Exchange Commission (SEC) has sanctioned eight brokerage firms for flaws in their cybersecurity policies and procedures that have led to the takeover of email accounts revealing the personal information of thousands of clients.
The eight companies that have agreed to settle the fees are: Cetera Advisor Networks LLC, Cetera Investment Services LLC, Cetera Financial Specialists LLC, Cetera Advisors LLC, Cetera Investment Advisers LLC; Cambridge Investment Research Inc., Cambridge Investment Research Advisors Inc.; and KMS Financial Services Inc. (KMS). The sanctions range between USD200,000 and USD300,000.