LPL Financial is the latest firm to reveal a cybersecurity incident. According to a notice submitted to Maine’s Attorney General, the breach led to “unauthorized securities transactions and financial transfers” in some clients’ accounts.
A sample letter to clients provides details on the breach that affected clients working with “a small number” of the firm’s affiliated financial advisors. (LPL reported that 1,581 total clients were affected, and only two in Maine.)
“Our investigation found that malware distributed through phishing messages affected a limited number of individual advisor devices and resulted in unauthorized third-party access to the accounts of those advisors on LPL’s web-based advisor portal,” the sample letter read.
LPL stated in the letter that it contacted law enforcement after discovering the breach and conducted an internal investigation. While the firm didn’t identify specific evidence that “sensitive personal information was accessed or acquired by a third party,” it couldn’t rule out the possibility that third parties may have seen some clients’ information during the breach.
When LPL found that breach, it stopped the activity, secured the affected accounts, and restored “any impacted accounts to their original financial positions.”
The firm also implemented new “technical safeguards” to bolster its existing security and found no evidence that its systems remained compromised. The firm offered affected clients a complimentary two-year Experian credit monitoring membership.
According to an LPL spokesperson, the firm “identified unusual activity involving accounts associated with a very small number of affiliated advisors. The activity was promptly contained, and there are no ongoing issues.”
The data breach notification follows a similar notice from the firm to Maine regulators late last year, detailing a small cyber incident in October in which “foreign threat actors” accessed online accounts of some affiliated advisors and “used them in connection with a ‘hack pump-and-dump’ trading scheme intended to artificially inflate the price of securities.”
LPL is the latest in a recent spate of financial services firms to suffer data breaches from hackers; many of the details of these alleged hacks were revealed in class action suits brought by clients accusing the firms of failing to protect their private information from cybercriminals.
Firms in the crossfire of hackers and class action complaints include Cetera Financial and Ameriprise, as well as Hightower Advisors, Edelman Financial Engines, Beacon Pointe Advisors and Pathstone Family Office.
In the Ameriprise breach, a cybercriminal network called ShinyHunters carried out the heist. ShinyHunters is a digital extortion group that often steals sensitive information from companies or individuals and threatens to leak it in exchange for a ransom. The cybercriminal network was also allegedly at the center of a Mercer Advisors data breach last month.
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