Tuesday, 6 January 2015

Morgan Stanley Employee Reportedly Fired for Stealing 350K Client Data

Morgan Stanley fires an employee who has allegedly stole 350,000 clients data.


The terminated employee in question was named as Galen Marsh, a 30 year old financial advisor. Morgan Stanley realised that there was an issue on 27th December 2014, when it was discovered account names, numbers and transaction data for more than 900 clients posted on the internet.

There is no evidence of financial losses to customers and Morgan Stanley has notified law enforcement and impacted customers.

How does that impact the UK and what are the current standards for notifying breaches? 'Organisations who provide a service allowing members of the public to send electronic messages (eg telecoms providers or internet service providers) are required to notify us if a personal data breach occurs.' Cited and referenced ICO

More regulations and standards to come out in 2015, with the EU Data protection reform.



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