Morgan Stanley hired a moving company that did not specialize in discarding data and tasked it with disabling thousands of servers and hard drives, the agency said. The moving company subsequently sold thousands of the bank’s devices, some of which contained customer data, to a third party before they were eventually resold on an online auction site. The bank has recovered some but not most of the equipment, the SEC said.
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Sensitive Morgan Stanley devices were auctioned off online, finds SEC
“We are pleased to be resolving this matter. We have previously notified applicable clients regarding these matters, which occurred several years ago, and have not detected any unauthorised access to, or misuse of, personal client information,” Morgan Stanley said in a statement.
