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Morgan Stanley to pay $35 million fee for ‘astonishing’ customer data disposal practices

Posted on September 22, 2022 by Dissent

Jonathan Greig reports:

Morgan Stanley will pay a $35 million penalty to settle charges from the U.S. Securities and Exchange Commission for wide-ranging failures around properly disposing of hard drives and servers containing the personal information of some 15 million customers.

The company did not respond to requests for comment, but the SEC said in an order released Tuesday that the fines are centered around the privacy practices of its U.S. wealth management business — Morgan Stanley Smith Barney (MSSB).

Read more at The Record.

If you search DataBreaches.net for “Morgan Stanley,” you will find a number of reports, including one from earlier this year about a $60 million fine to settle a lawsuit about improper disposal by a vendor between 2016 and 2019.

Related posts:

  • States settle with Morgan Stanley for $6.5 million over data security incidents
  • Morgan Stanley Fined Over Inadequate Security Tied to Galen Marsh Data Breach
  • Morgan Stanley Fires Employee Accused of Stealing Client Data
  • Former Morgan Stanley adviser pleads guilty to stealing clients’ information
Category: Commentaries and AnalysesFinancial SectorOf NoteOtherU.S.

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