There are certain obligations that stockbrokers and other corporations involved in the financial and securities markets must uphold. Part of these responsibilities include notifying consumers and investors if they’ve been hacked by an outside source.
As you can imagine, hacking can put the markets and economy in jeopardy, which is why consumers and investors have a right to know if their data has been compromised. Below, we examine when companies are required to disclose hacking, and how you can potentially win an award when you report those companies that fail to disclose a hack.
Informing Consumers of the Data Breach
Corporations are legally obligated to inform their investors and consumers when they’ve been hacked, but only when consumer and investor data has been breached. For instance, you might remember when Bank of America was hacked a few years ago.
Data and personal information of bankers was compromised, and as a result, Bank of America notified their bankers of the breach. Not only is it a requirement that these companies notify their investors and customers, but it’s simply the right thing to do.
How to Become an Award-Winning Whistleblower
If you work for a corporation that has been hacked and your company has no plans to disclose the hacking to those who have been impacted, then you can report this securities violation to the U.S. Securities and Exchange Commission (SEC). When you do, you’ll open the door to possibly win an award as a whistleblower, as long as your tip meets the necessary eligibility criteria.
Get Help from a Regarded SEC Whistleblower Lawyer
If you have further questions about the requirements for becoming an award-winning whistleblower, or if you would like to retain legal representation before you report your company for failure to disclose hacking, get help from an experienced SEC whistleblower lawyer at Meissner Associates.
You can schedule your confidential tip review by finding us online or by calling our firm directly at 1-866-764-3100.
