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

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Morgan Stanley, which payments itself in its web site title tag because the “international chief in monetary companies”, and states within the opening sentence of its primary web page that “shoppers come first”, has been fined $35,000,000 by the US Securities and Change Fee (SEC)…

…for promoting off previous {hardware} gadgets on-line, together with 1000’s of disk drives, that have been nonetheless loaded with personally identifiable data (PII) belonging to its shoppers.

Strictly talking, it’s not a felony conviction, so the penalty isn’t technically a fantastic, nevertheless it’s “not a fantastic” in a lot the identical kind of approach that automotive homeowners in England now not get parking fines, however formally pay penalty cost notices as a substitute.

Additionally, strictly talking, Morgan Stanley didn’t immediately unload the offending gadgets itself.

However the firm contracted another person to do the work of wiping-and-selling-off the superannuated gear, after which didn’t trouble to maintain its eye on the method to make sure that it was accomplished correctly.