Chung Ah-young reports that the South Korean financial regulator is cracking down by enhancing the penalties for employees and executives: Financial Supervisory Service (FSS) Governor Choi Soo-hyun directed the reinforcement of the punitive measures for any irregularities which can disrupt the market order and breach the rights of financial consumers. To prevent a recurrence of…
Category: Financial Sector
Liquidnet settles with the SEC over dark pool data breaches
New York-based brokerage firm Liquidnet has agreed to pay a $2m settlement fee to the US Securities and Exchange Commission (SEC) over shortcomings in how the dark-pool owner guarded private data about firms using its platform. The investigations, which date back to 2011, found that the firm improperly allowed its Equity Capital Markets (ECM) desk, a…
Bristol Community College Student Who Hacked Paris Hilton’s Phone Facing New Charges
Shannon McMahon reports: A Bristol Community College student who reportedly leaked incriminating photos he hacked from Paris Hilton’s cellphone in 2005 is facing new charges after allegedly breaking into his college’s computer network and a law enforcement computer. He is also accused of obtaining stolen bank card data for more than 14,000 account holders. […] The new…
ICO slaps Student Loans Company after multiple breaches
The Information Commissioner’s Office (ICO) has criticised the Student Loans Company Limited after a series of data breaches involving customers’ records. The business reported several incidents where information held about customers, including medical details and a psychological assessment, had been sent to the wrong people. An ICO investigation found that not enough checks were carried…
KR: Sanctioned card firms to resume operation this week, but suspension really cost them
Yonhap News Agency reports that although financial regulators are about to lift the 3-month suspension for new sign-ups they imposed on three credit card firms over data breaches, the suspension cost the firms a combined $117,000,000.00 and may cost their top executives their jobs: According to the officials, the Financial Supervisory Service (FSS) will lift…
Hacker Goes to Top Dutch Court in U.S. Extradition Fight
Maud van Gaal and David Voreacos report: Vladimir Drinkman, a Muscovite wanted by the U.S. on charges he helped lead a ring that hacked 17 companies including 7-Eleven Inc. and Nasdaq OMX Group Inc. (NDAQ), is fighting a Dutch court ruling that would allow his extradition. The Supreme Court of the Netherlands, the nation’s top…