Security experts say Morgan Stanley’s $1 million fine is too low to send a strong message to financial services firms about the need for stronger cybersecurity and internal fraud controls. The SEC settlement amount for such an egregious breach illustrates that data security still doesn’t seem to be a priority for financial services regulators, says Al Pascual, head of fraud and security at Javelin Strategy & Research. In January 2015, Morgan Stanley fired one of its wealth management advisers after discovering data about 900 of its clients had been posted online.”]
Source: https://www.govinfosecurity.com/morgan-stanleys-sec-penalty-called-inadequate-a-9193