Brendan Pedersen reports:
Morgan Stanley was slapped with a $60 million fine by regulators Thursday for risk management problems tied to a 2016 data breach.
The consent order by the Comptroller of the Currency cited failures at both Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. related to the shutdown of two wealth management data centers and the company’s use of third-party vendors to help with the closures.
The OCC found that the bank did not take proper precautions in dismantling and disposing of outgoing hardware that contained sensitive customer data and failed to properly supervise the vendors Morgan Stanley tasked with wiping customer data from the old equipment before it was resold.
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