Double Jeopardy on Wall Street
August 14, 2008 – 2:44 pmThose of us who know about the Great Depression understand just how important Wall Street is to our economy. Staggering amounts of money and investments change hands on a daily basis. With the rise of online stock trading comes a rising threat. Identity thieves are now turning their sites on Wall Street to gain control of stock trading accounts. A data breach at LPL Financial has compromised the trading accounts of over 10,000 clients. And this is not even the first time this year their system has been hacked. If a company can’t seem to get its system secure, it should really consider investing in Lifelock services.
Hackers recently cracked the passwords of fourteen of the company’s financial advisors to get access to the personal information of their clients. This exposed the accounts of over 10,000 people and put all their trading activities in jeopardy. What makes the whole story more shocking is that this data breach began over a year ago. It is still unknown how many identity thieves have access to the data. The scope of the actual damage done in a data breach is nearly always impossible to calculate. The company knew about the data breach and has been trying to fix the problem since March. They only revealed the breach to the public in the past month. No word has been given as to why this is, but the negative publicity caused by a data breach in a company can be devastating.
Tags: , Data Breaches, LifeLock
