A St. Louis-based investment advisory firm will pay $75,000 to settle civil charges alleging it failed “entirely” to protect its clients from a July 2013 cyber attack that was later traced to China, U.S. regulators said on Tuesday. The Securities and Exchange Commission said R.T. Jones Capital Equities Management did not even encrypt its customers’ data or install a firewall on its servers, and the hack compromised the personal details of about 100,000 people. No customer has reported suffering any financial harm as a result of the attack, the SEC added. Neither an attorney nor a representative for the firm could be reached for comment. R.T. Jones is a relatively small advisory firm, with only about $481 million in assets under management as of June, according to a filing with the SEC. But the cyber security concerns at issue in the case, as well as the origin of the attack, are likely to generate attention. In recent years, high-profile companies including Target Corp and JPMorgan Chase & Co have been hit in hack attacks. In some cases, Chinese hackers have been implicated in various cyber crimes, including a major breach at the U.S. Office of Personnel Management disclosed earlier this […]
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