Thread regarding Northwestern Mutual layoffs

SEC WhatsApp Crackdown

I don't recall getting hit with a fine like this from the SEC ever....

SEC WhatsApp Crackdown Hits 16 Advisors, Brokers Totaling $81M

Northwestern Mutual racked up the top fine, with a combined $16.5 million fine for, among other things, sending and receiving off-channel communications between a dual registrant and two advisory affiliates “that related to recommendations made or proposed to be made and advice given or proposed to be given,” the SEC order stated.
“Respondents did not maintain or preserve the substantial majority of these written communications,” the order stated. “Respondents’ failures were firm-wide and involved personnel at various levels of authority.”

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| 2211 views | | 13 replies (last February 29, 2024) | Reply
Post ID: @OP+1qZfttHF

13 replies (most recent on top)

Just read the article, that happened at a vendor we've been using for years. The CISO likely hasn't even had a chance to review their security protocols.

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Post ID: @kscb+1qZfttHF

Can you answer for the worthless and incompetent CISO how exactly this major cyber attack happened?

https://www.thinkadvisor.com/2024/02/22/cyberattack-on-it-firm-hits-bofa-and-northwestern-mutual/

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Post ID: @dhao+1qZfttHF

Again, nothing to do with the CISO or tech. We spend a billion dollars a year on tech and have thousands of initiatives that are prioritized top down by the business. If the business wanted field texting, maybe they should have prioritized it. Tech is order takers around here, don’t get mad when you order a Big Mac and get a Big Mac.

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Post ID: @daog+1qZfttHF

And why are people texting on WhatsApp? Because the incompetent tech leaders can't provide a texting solution for the field. These are the same folks that can't give us Zoom in the field. Let that sink in.

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Post ID: @cvqe+1qZfttHF

People texting on non-work phones on WhatsApp is a regulatory and compliance issue. It has literally nothing to do with our CISO.

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Post ID: @asow+1qZfttHF

The CISO is expected to ensure safety and security of all technology. This includes mobile devices. She is not doing her job and needs to go.

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Post ID: @awzm+1qZfttHF

The CISO has nothing to do with reps' behaviors and cell phone usage. An incompetent hire from your manager.

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Post ID: @8pxc+1qZfttHF

Look no further than JES himself. I recall a field financial rep having the floor of FF at Annual Meeting and yucking it up with a collective eyeroll about our guidelines of "logistical texts only". Who's laughing now?

Could also place blame on any field-facing execs for not putting enough resources and effort into proper training and guidelines of compliant communication channels (ex: Slack). Easy to see coming but nobody cared.

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Post ID: @7jit+1qZfttHF

I would rather have the names of the NM execs that should be held responsible. $16.5M is a lot of money and a lot of jobs could have been saved. Heads at the top need to roll for this one since it was something as easy as retaining basic records.

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Post ID: @7fke+1qZfttHF

Names of advisors?

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Post ID: @4lta+1qZfttHF

Multiple firms and several competitors were all fined.

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Post ID: @2wka+1qZfttHF

The worthless CISO should pay up too. Another incompetent diversity hire from NS.

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Post ID: @1iqj+1qZfttHF

The fine should come out of the pockets of JES. Happy retirement!

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Post ID: @pna+1qZfttHF

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