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AB Capital suffers 'security incident', hopes to restore service by 'end of the week'

In an email to clients [image link], AB Capital Securities (AB Cap) said that a “security incident has impacted [their] systems”, and that they “hope to resume operations by the end of the week” due to the progress of their system restoration program. AB Cap said that trading will “remain suspended” as the brokerage “fortifies” its system. Client accounts have been inaccessible for the duration of the outage, which began back on January 27th. There is no public information available on the nature or severity of the security incident.


MB bottom-line: There’s been a slow panic brewing behind the scenes, with some AB Cap clients sending me emails and DMs about not being able to access their accounts and frustrated at the lack of response from AB Cap’s customer service representatives. One reader said that they were surprised by AB Cap’s poor availability and communication because “Normally, theirs is a superb customer service.” Another emailed me this morning after receiving the trading unavailability email for a third straight day, worried for the safety of their funds, saying: “I don’t have a lot in this platform but it is so very much hard-earned.” Obviously, “security incident” is usually shorthand for hacking of some type which is a concerning thing when we’re talking about a financial firm like a brokerage that holds frightening amounts of client funds and identifying personal information. None of the emails or the background chatter that I’m hearing from insiders seems to suggest that any money was stolen, though there is a persistent rumor that the brokerage may have been hit by a ransomware attack. I hope AB Cap’s IT team gets to the bottom of this quickly, and I hope that AB Cap can learn a few communications lessons from this incident. In a crisis, especially one involving money you hold on behalf of other people, it’s always best to err on the side of over-communication. Get in contact with people. Tell them what you know. Be consistent. Don’t be afraid to engage. It seems like AB Cap’s delay in sending the update email today is what prompted so many of those in my inbox to become afraid. My hope is that other brokerages will pay attention to what’s

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