Penalty Amount
$6,500,000
Morgan Stanley failed to properly decommission computer devices containing unencrypted customer data, leading to the sale of devices with personal information at auction and missing servers with potential data. A multistate coalition secured a $6.5 million settlement requiring Morgan Stanley to implement enhanced data security measures.
Morgan Stanley must pay a $6.5 million fine and adopt a comprehensive information security program, including encryption, incident response plans, hardware tracking, and vendor risk assessments.
Entity
Morgan Stanley Smith Barney LLC
Also known as: Morgan Stanley
Industry
Financial ServicesOfficial Press Release
https://ag.ny.gov/press-release/2023/attorney-general-james-and-multistate-coalition-secure-65-million-morgan-stanley
morgan stanley aod
https://ag.ny.gov/sites/default/files/settlements-agreements/morgan-stanley-aod.pdf
New York Attorney General Enforcement Page
https://ag.ny.gov/press-releases
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