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Morgan Stanley Fined $35 Million for Not Encrypting HDDs, Servers

The Securities and Exchange Commission fined Morgan Stanley Smith Barney (MSSB) has failed to protect customers’ personally identifiable information (PII) over a five-year period. Not only do they claim they hired and destroyed unqualified companies.

The SEC has found that Morgan Stanley failed to properly dispose of storage devices containing customer PII dating back to 2015. The commission also found that there were several cases in which Morgan Her Stanley contracted “moving and storage companies with no experience or expertise.” Destroy thousands of HDDs and servers containing personal information for millions of clients. Instead of destroying the drives and servers, the company sold them to third parties, who sold them at Internet auctions.

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