Friday, 10 June 2016

Morgan Stanley agree to pay £1 million fine for Client Data Breach


Morgan Stanley has agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission civil charges that security lapses at the Wall Street bank enabled a former financial adviser to tap into its computers and take client data home, the regulator said on Wednesday.
The allegations were relating to Galen Marsh's unauthorised transfers from 2011 to 2014 of data from about 730,000 accounts to his home computer in New Jersey, some of which was hacked by third parties and offered for sale online. 
Galen Marsh was sentenced in December to 3 years probation and ordered to pay $600,000 in restitution after pleading guilty to one felony count of unauthorised access to a computer. 

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