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Daily Dashboard | CFTC orders financial firm to pay $1.5M for data breach Related reading: Notes from the IAPP, Jan. 17, 2020


ZDNet reports the U.S. Commodity Futures Trading Commission has imposed a $1.5 million fine on Phillip Capital for matters related to a data breach. PCI was found to be negligent with its handling of a data breach in February 2018 and failed to issue data breach notifications to customers in a timely manner. The fine consists of a $500,000 penalty and $1 million to compensate affected customers. "While it may not be possible to eliminate all cyber threats, CFTC registrants must have adequate procedures in place — and follow those procedures — to protect their customers and their accounts from potential harm," CFTC Director of Enforcement James McDonald said.
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