According to recent reports, Stanley Morgan’s hard drive turned up online for an auction. It had the data of approximately 15 million customers. Read the entire article to learn more about this shocking piece of news.
About the hard drive
According to various reports, Morgan Stanley has to pay around $35 million to put allegations regarding the company failing to dispose of the hard drives with personal data to rest. “While MSSB recovered some of the devices, which were shown to contain thousands of pieces of unencrypted customer data, the firm has not recovered the vast majority of the devices,” the SEC said in a statement. “MSSB’s failures, in this case, are astonishing. Customers entrust their personal information to financial professionals with the understanding and expectation that it will be protected, and MSSB fell woefully short in doing so,” said Gurbir S. Grewal, director of the SEC’s Enforcement Division. “If not properly safeguarded, this sensitive information can end up in the wrong hands and have disastrous consequences for investors. Today’s action sends a clear message to financial institutions that they must take seriously their obligation to safeguard such data.”“We have previously notified applicable clients regarding these matters, which occurred several years ago, and have not detected any unauthorized access to, or misuse of, personal client information,” said Susan Siering, a spokesperson for Morgan Stanley.In a statement given to TechCrunch, Morgan Stanley didn’t admit or deny the findings, but said it is “pleased to be resolving this matter.”
About Morgan Stanley
If you’re someone who doesn’t know much about Morgan Stanley, then this article is here to help you. Stanley Morgan basically deals with capital. It believes that the only way for society to function and progress is through capital. Their clients are their first priority so that they can make the correct decisions related to the capital. It has well-qualified and hard-working employees who work extra hours to deliver beyond the client’s expectations. They work on giving their clients a way to maximize their capital, therefore they help make capital sustainable and long-term. For the company, their employees are their biggest assets, therefore, they value them a lot. There is a lot of diversity in their working staff as all of them belong to different countries, different ethnicities, different cultures, and religions. Therefore, this company proves to be extremely inclusive. The firm believes that the key to growing its business is to expand its business on a global basis. Its global presence helps it reach out to more clients.
