Morgan Stanley fined $60 million over failed hardware oversight
The Office of the Comptroller of the Currency cited shortcomings related to the decommissioning of data centers for the firm's wealth management unit
Morgan Stanley agreed to pay $60 million to settle accusations that the bank didn’t properly handle the 2016 decommissioning of two data centers tied to its wealth management business, the Office of the Comptroller of the Currency said in a statement Thursday.
The lender “failed to effectively assess or address risks associated with decommissioning its hardware,” including improper assessment of the risks of subcontracting the work and failure to keep appropriate tabs on customer data stored on obsolete devices, the regulator said.
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