Morgan Stanley has agreed to pay a $35 million fine to the Securities and Exchange Commission (SEC) for disclosing the private information of millions of clients, the SEC stated on Tuesday.
The Morgan Stanley Smith Barney wealth management division was cited by the SEC for its “extensive failings” during a five-year period. Particularly, it is said to have failed to safeguard the private data of almost 15 million clients. According to the government, the massive financial services company neglected to properly get rid of servers and hard drives that contained consumer data.
The business contracted with a moving and storage firm on many occasions beginning in 2015 to decommission thousands of devices. Although the corporation made an effort to recover the devices, the most of them were lost.
Read More: Morgan Stanley to Pay $35M Fine for Exposing Information of Millions of Customers
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