Global Financial Giant, Morgan Stanley has been fined for $1 million by the US Securities and Exchange commission for failure to protect information of it’s clients. According to the SEC, the bank “failed to adopt written policies and procedures reasonably designed to protect customer data.” This made it possible for an employee to transfer clients’ data to a private server from which the data is believed to have been breached.
The employee at the time, Galen J. Marsh, was criminally convicted for his actions in 2015 and received 36 months of probation and ordered to pay $600,000 in restitution.
Considering the amount of attacks suffered by organizations in recent times, organizations cannot afford to neglect policies and procedures that will enhance the security of their information and information systems any longer.
Morgan Stanley has agreed to pay the fine.