Brokerage Employee Arrested for Trying to Sell Client Data: Cyprus Mail

An employee of a Cyprus based forex brokerage company with a USB flash drive has been detained.

Cypriot newspaper Cyprus Mail is reporting that a female brokerage employee aged 36 has been detained by the police in Limassol after trying to sell proprietary customer information to a third party.

The management team of the brokerage identified the prospective risks after spotting that the employee copied the data to an external flash drive. The company informed authorities, which staged an exchange with the employee, promising to pay her €6,500.

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A meeting was arranged in a cafeteria in Limassol, where the envelope with the money was handed to the suspect. The employee was detained by police after the exchange and is currently facing a trial. The individual admitted to the crime yesterday after the detention.

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Brokers are normally very vigilant about their data and protect their clients’ information vigorously. No further information about the identity of the brokerage has been provided by the newspaper.

The safeguarding of client data at online companies is a very big risk for online businesses. However in the case of the forex industry, certain vulnerabilities which are not related to hacking have been an additional risk. Having appropriate systems to detect data access by employees is crucial to successfully preventing the information of clients.

 

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