Sunday, September 25, 2022
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Morgan Stanley fined tens of millions for promoting off units filled with buyer PII – Bare Safety


Morgan Stanley, which payments itself in its web site title tag because the “international chief in monetary providers”, and states within the opening sentence of its primary web page that “purchasers come first”, has been fined $35,000,000 by the US Securities and Change Fee (SEC)…

…for promoting off previous {hardware} units on-line, together with hundreds of disk drives, that have been nonetheless loaded with personally identifiable data (PII) belonging to its purchasers.

Strictly talking, it’s not a felony conviction, so the penalty isn’t technically a positive, however it’s “not a positive” in a lot the identical kind of method that automotive homeowners in England not get parking fines, however formally pay penalty cost notices as a substitute.

Additionally, strictly talking, Morgan Stanley didn’t instantly unload the offending units itself.

However the firm contracted another person to do the work of wiping-and-selling-off the superannuated gear, after which didn’t hassle to maintain its eye on the method to make sure that it was completed correctly.

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