CFTC Fines Phillip Capital $1.5 Million for Data Security Breach

    On September 12, 2019, online trading company Phillip Capital Inc. (PCI) was fined $1.5 million by the U.S Commodity Futures Trading Commission (CFTC) for failing to implement and oversee an adequate cybersecurity program or notify customers of a security breach.

    The cyber breach occurred on February 28, 2018, and compromised PCI’s email system and employee and customer information, and allowed cyber criminals to access $1 million in customer funds.

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