• Menu
  • Skip to main content
  • Skip to primary sidebar

The Cyber Security News

Latest Cyber Security News

Header Right

  • Latest News
  • Vulnerabilities
  • Cloud Services
Cyber Security News

Morgan Stanley Agrees to Data Breach Settlement

You are here: Home / General Cyber Security News / Morgan Stanley Agrees to Data Breach Settlement
January 5, 2022

American multinational investment bank and economic providers company Morgan Stanley has agreed to pay $60m to settle a legal declare around details security.

A course-action lawsuit was submitted versus the organization in July 2020 above two security breaches that compromised the personal facts of approximately 15 million of its clients.

The accommodate alleges that Morgan Stanley failed to safeguard the individually identifiable details (PII) of its recent and former purchasers. In accordance to the plaintiffs, info heart products decommissioned by Morgan Stanley in 2016 and 2019 was not wiped thoroughly clean adequately.

✔ Approved Seller From Our Partners
Mullvad VPN Discount

Protect your privacy by Mullvad VPN. Mullvad VPN is one of the famous brands in the security and privacy world. With Mullvad VPN you will not even be asked for your email address. No log policy, no data from you will be saved. Get your license key now from the official distributor of Mullvad with discount: SerialCart® (Limited Offer).

➤ Get Mullvad VPN with 12% Discount


The plaintiffs allege that a software package flaw meant that sensitive knowledge stored on the old servers and other technology was noticeable in an unencrypted structure to whoever procured the decommissioned devices. 

It is more alleged that some of the tools went lacking just after it was decommissioned.

An investigation into the security incident was released by the Office of the Comptroller of the Forex (OCC) right after a vendor contacted Morgan Stanley in 2017 to advise the firm that information belonging to its clients was accessible through the aged technology. 

In July 2020, Morgan Stanley commenced notifying present and previous customers who experienced been impacted by the knowledge security incident. 

Three months later on, the OCC issued Morgan Stanley with a consent order for the evaluation of a $60m civil penalty.

The OCC found Morgan Stanley “failed to correctly evaluate or handle risks involved with decommissioning its hardware failed to adequately evaluate the risk of subcontracting the decommissioning work, including performing exercises sufficient due diligence in picking a seller and monitoring its general performance and failed to sustain proper stock of purchaser facts saved on the decommissioned hardware devices” in connection with decommissioning two Prosperity Administration enterprise facts centers positioned in the US in 2016.

“In 2019, the banking institutions expert related seller administration control deficiencies in connection with decommissioning other network products that also saved shopper details,” stated the OCC.

The $60m data breach settlement now awaits the acceptance of a federal choose in Manhattan.

In a statement issued Monday, Morgan Stanley reported: “We have earlier notified all likely impacted shoppers concerning these issues, which occurred quite a few decades in the past, and are pleased to be resolving this related litigation.”


Some parts of this posting are sourced from:
www.infosecurity-magazine.com

Previous Post: «uber bug, ignored for years, casts doubt on official uber Uber Bug, Ignored for Years, Casts Doubt on Official Uber Emails
Next Post: Broward Breach Highlights Healthcare Supply-Chain Problems broward breach highlights healthcare supply chain problems»

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Report This Article

Recent Posts

  • Iran’s State TV Hijacked Mid-Broadcast Amid Geopolitical Tensions; $90M Stolen in Crypto Heist
  • 6 Steps to 24/7 In-House SOC Success
  • Massive 7.3 Tbps DDoS Attack Delivers 37.4 TB in 45 Seconds, Targeting Hosting Provider
  • 67 Trojanized GitHub Repositories Found in Campaign Targeting Gamers and Developers
  • New Android Malware Surge Hits Devices via Overlays, Virtualization Fraud and NFC Theft
  • BlueNoroff Deepfake Zoom Scam Hits Crypto Employee with MacOS Backdoor Malware
  • Secure Vibe Coding: The Complete New Guide
  • Uncover LOTS Attacks Hiding in Trusted Tools — Learn How in This Free Expert Session
  • Russian APT29 Exploits Gmail App Passwords to Bypass 2FA in Targeted Phishing Campaign
  • Meta Adds Passkey Login Support to Facebook for Android and iOS Users

Copyright © TheCyberSecurity.News, All Rights Reserved.