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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.