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Westlaw News

Brokerage firm agrees to $3 mln deal for New York cybersecurity rule violations

Brokerage firm National Securities Corp has agreed to pay $3 million in a settlement with New York’s financial services regulator over shortfalls that resulted in four cybersecurity breaches involving unauthorized access to email accounts.

The New York State Department of Financial Services (NYDFS) on Wednesday said that National Securities, which offers insurance solutions, failed to fully put in place controls like multi-factor authentication to access its email system and third-party applications, in violation of cybersecurity rules.

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