Chicago based Phillip Capital, a Commodity and Security Brokerage company has been asked to pay a penalty of $1.5 million to the federal government.
US Commodity Futures Trading Commission (CFTC) has penalized the financial firm with a hefty fine for not protecting its database from cyber threats and not alerting the customer about a data breach within a stipulated time frame.
As per the details available to Cybersecurity Insiders, $500,000 will be paid as fine by the Illinois based firm and the residue amount of $1 million will be paid in restitution to settle charges.
Going by the details, in Feb’18 an engineer related to the Phillips Capital received a phishing email from a banking resource. And unaware of the latest threats lurking in the cyber landscape the company handed over the login credentials that were latest used by the hackers to access client data.
As the company failed to contain the incident which led to further modalities, CFTC after through inquiry has imposed a penalty on the company for failing to inform its customers about the security lapse, but also not educating its staff on prevailing cyber threats.
Coming to the other news which is related to cyber-attacks and trending on Google, Los Angeles Mayor Eric Garcetti has made a public announcement that all the digital assets related to the city will from now on be protected by IBM Security’s X Force Threat Intelligence.
Called as LA Cyber Threat Intelligence Sharing Platform or TISP, the system will be a user-friendly solution which will be available as a mobile app to any user to submit and analyze suspicious emails to track down the phishing genre.
IBM Security took the opportunity to announce that it will not only protect all data and IT infrastructure in California but will also help more than 23 American cities fight cybercrime and ransomware.
The technology giant will also organize three free ransomware preparedness training camps in Cambridge and Massachusetts between Oct’19 to Dec’19.
More details will be posted shortly!