Morgan Stanley fined $60 million over data centre failure
By MYBRANDBOOK
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.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SECUREYE SERVICES PVT. LTD.
NUMERIC INDIA, A Group Brand Legrand
VEHERE INTERACTIVE PVT. LTD.
TAC SECURITY SOLUTIONS
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
PARTNER SPEAKERS
PSU
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - AJAY BANGA, President - World Bank
Ajay Banga is an Indian-born American business executive who currently...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
