Morgan Stanley has agreed to a $60 million settlement for a class action lawsuit to resolve a data exposure incident dating back to 2016. Financial giant used a third-party service provider that failed to ensure all personal data was completely removed from IT equipment after two data centers were decommissioned in 2016. Morgan Stanley sold the legacy systems, which still had unencrypted data that had not been completely wiped from the systems, to third parties. The bank began informing its customers about the breach risks in July 2020.”]
Source: https://www.cuinfosecurity.com/morgan-stanley-agrees-to-60-million-breach-settlement-a-18240