Morgan Stanley Fined $6.5M, Must Take Security Measures

A group of attorneys general have fined Morgan Stanley $6.5 million for “negligent internal data security practices” when disposing of old devices, and they will require the investment banking giant to take a number of steps to improve its security.

The fine stems from two previously known data security incidents. In the first, in 2016, Morgan Stanley hired a contractor to decommission thousands of hard drives and servers with sensitive data. However, the company had no experience with data destruction …

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