Morgan Stanley fined hundreds of thousands for promoting gadgets crammed with buyer PII – Bare Safety

Morgan Stanley, which identifies itself in its web site’s title tag because the ‘international chief in monetary providers’ and states within the first sentence of its principal web page that ‘clients come first’, has been fined $35,000,000 by the USA Securities and Change Fee (SEC)…

…for promoting outdated {hardware} gadgets on-line, together with 1000’s of arduous drives, that also contained personally identifiable data (PII) belonging to its clients.

Strictly talking, it is not a prison conviction, so the penalty is not technically a advantageous, but it surely’s “not a advantageous” in the identical method automobile house owners in England not get parking fines, however formally pay fines. In place.

Furthermore, strictly talking, Morgan Stanley didn’t instantly promote the offending gadgets.

However the firm employed another person to do the job of cleansing up and promoting the outdated tools, and did not trouble to watch the method to verify it was finished proper.