Many don’t realize that cybersecurity whistleblower awards exist. A disclosure leading to an SEC enforceable action collecting over $1M qualifies the whistleblower for a claim. Recently, a cybersecurity whistleblower received almost $1M for her information against Voya Financial Advisors Inc. (VFA), a broker-dealer and investment adviser.
About the Whistleblower Statute
In 1863 to combat fraud in Union contracts during the Civil War, Congress passed the Whistleblower or Qui Tam statute. It was not until 1986 before Congress modernized the Whistleblower statute and renamed it to the False Claims Act (FCA). It became the government’s primary tool to combat fraud. Individuals who report government-program fraud bring the lawsuit on behalf of the government.
The Law Protects and Rewards a Whistleblower
When a knowledgeable attorney like those found at The Michael Brady Lynch Firm files a False Claims Act lawsuit, he or she files it under a seal. This means it is completely confidential. There is also a full disclosure statement in the suit, which details the evidence collected by a whistleblower.
After we file your suit, the Department of Justice will review the evidence before deciding to step in and decide if they want to prosecute the case. The government’s fraud investigator will work closely with you, the whistleblower to identify all responsible for the fraud.
You could be entitled to 15-30% of the funds recovered. In order to receive the reward, you must be the first one to file a case under the False Claims Act. This is why it is key to pick an experienced attorney to work quickly to get your compensation.
Cybersecurity Whistleblower
Voya Financial Advisors Inc. (VFA) gave independent contractor representatives access to customer information through a proprietary web portal. Contractors could remotely access the portal from personal devices. However, over six days in 2016, unknown persons accessed the web portal by impersonating VFA contractors. These people called technical support and requested password resets. Support reset the passwords, and the imposters received temporary passwords over the phone. This oversight gave them access to 5,600 VFA customers’ personally identifiable information (PII).
Also, when two advisors alerted VFA that they did not request new passwords, the company did nothing to address deficiencies in cybersecurity. VFA violated the Safeguards Rule and the Identity Theft Red Flags Rule. Both put their customers in jeopardy. Thankfully, the supervisors told the SEC and received cybersecurity whistleblower awards for their information.
Premier Complex Litigation Attorneys
The Michael Brady Lynch Firm has successfully represented thousands of consumers and recovered millions of dollars for their clients. Our team of attorneys has been recognized as some of the most experienced and successful in the country. Our award-winning staff is also sought after for our knowledge of complex litigation, scientific evidence development, negotiation strategies, and trial tactics.
Most of all, our law office is resourceful and dedicated to pursuing any compensation you are due. Because of this, we have received a high degree of peer recognition and professional achievement, such as inclusion on numerous Plaintiff Steering Committees. We will take whatever legal measures are necessary when fighting for your rights to damages.
Therefore, if you believe you have uncovered evidence of fraud involving a government-funded program, contact us today. Our attorneys have represented many clients in the past with complex cases. We will work tirelessly to obtain results on your behalf.