Lincoln Financial Group says it took swift action to safeguard private consumer information and beef up its security policies, after it discovered vulnerabilities in a Web-based system that stored consumer account records for two of its business units.
Those weaknesses came to full light Thursday, after the Financial Industry Regulatory Authority imposed fines totaling $600,000 on Lincoln Financial Securities and Lincoln Financial Advisors Corp. because of the previous security lapses. Both are broker dealers under Lincoln Financial Group, based in Radnor, Pa.
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