Morgan Stanley fined $60 million over data centre failure
The Office of the Comptroller of the Currency (OCC) has hit Morgan Stanley with a $60 million penalty for failing to properly decommission two wealth management data centres in 2016. However, the company said it notified clients about the technology lapses in July.
The OCC says that Morgan Stanley failed to "effectively assess or address risks" associated with decommissioning its hardware at the two US sites.
The bank is also accused of not doing its due diligence in selecting a vendor to carry out the decommissioning work and then failing to monitor the vendor's performance and of failing to maintain appropriate inventory of customer data stored on the decommissioned hardware.
Morgan Stanley agreed to pay $60 million to settle claims that the bank didn’t properly handle decommissioning of data centers tied to its wealth-management business, the Office of the Comptroller of the Currency said Thursday.
The bank says it does not believe any client information has been accessed but that it has boosted its security procedures and informed clients of the lapse. “We have continuously monitored the situation and we do not believe that any of our clients’ information has been accessed or misused," Morgan Stanley said in a statement. “Moreover, we have instituted enhanced security procedures, including continuous fraud monitoring, and will continue to strengthen the controls that we have in place to protect our clients’ information."
The company said it notified clients about the technology lapses in July.
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