The Financial Industry Regulatory Authority (FINRA) recently imposed sanctions against 12 firms, fining them a total of $14.4 million for “significant deficiencies” in their cybersecurity systems.
Federal securities laws and FINRA rules require companies to keep electronic records related to business in “write once, read many,” also known as WORM, format to prevent alteration or destruction of records stored electronically.
Read on to find out what these companies did to get sanctioned.