The Times, Business, Wednesday September 21, 2022
"Morgan Stanley has agreed to pay a $35m penalty to settle charges that it failed repeatedly over a five-year period to protect the personal data of about 15 million customers on computer hardware it was scrapping"
"The US Securitie and Exchange Commission accused Smith Barney, the American Bank's wealth management business, of having overseen a litany of "astonishing" shortcomings."
"The SEC said that a moving and storage business with no experience or expertise in data destruction services had been hired "on multiple occasions" to decommission thousands of hard drives and servers. A subsequent investigation found that this moving business then sold thousands of former Smith Barney devices to a third party, which eventually were sold on an internet auction site, according to the regulator's order."
"Some of the devices were recovered, on which were found "thousands" of pieces of unencrypted customer data ............."
"The bank, which opened for business on Wall Street in 1935, has a market value of $150bn. It has 70,000 employees worldwide, including 5,500 in Britain".
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Masters of the universe in action.