Fidelity Investments’ failure to adequately secure its computer systems led to an August data breach exposing the sensitive personal and financial data of more than 75,000 clients, a proposed class action said.
The company, also known as Fidelity Management & Research, didn’t follow standard cybersecurity practices, such as encrypting client information and providing sufficient employee training, according to a complaint filed Tuesday in the US District Court for the District of Massachusetts.
Massachusetts-based Fidelity is “one of the world’s largest asset managers,” the complaint said, “with over $5.4 trillion in assets under management as of June 2024.”
Cybercriminals accessed the …