October 27, 2020

Volume X, Number 301

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October 27, 2020

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October 26, 2020

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Morgan Stanley Settles with OCC for $60 Million

Morgan Stanley has settled claims by the Office of the Comptroller of the Currency (OCC) that it failed to properly decommission data centers that housed client data of its wealth-management operations two times—once in 2016 and once in 2019 for $60 million.

According to the OCC, Morgan Stanley “failed to effectively assess or address risks associated with decommissioning its hardware” by subcontracting the work out and failing to identify customer data that was stored on obsolete devices.

Morgan Stanley notified affected customers in July and is offering credit monitoring at no charge to its customers if they sign up by October 31.

Copyright © 2020 Robinson & Cole LLP. All rights reserved.National Law Review, Volume X, Number 289
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About this Author

Linn F. Freedman, Robinson Cole Law Firm, Cybersecurity and Litigation Law Attorney, Providence
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Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She provides guidance on data privacy and cybersecurity compliance to a full range of public and private clients across all industries, such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine, and charitable organizations. Linn is a member of the firm's Business Litigation Group and chairs its Data Privacy + Cybersecurity Team. She is also a member of the Financial Services Cyber-Compliance Team (CyFi ...

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