Morgan Stanley has agreed to a $6.5 million settlement for compromising the personal information of millions of customers, including 1.1 million New Yorkers.
The breach occurred when Morgan Stanley failed to properly erase unencrypted data from its computers before auctioning them off, potentially exposing the personal data of millions.
As part of the settlement, Morgan Stanley will implement stronger data security measures and pay a $6.5 million fine, with $1.6 million going to New York.