SEC Fines Firm $35 Million for Failure to Protect Client Data - Waystone

      SEC Fines Firm $35 Million for Failure to Protect Client Data

      On September 20, 2022, the U.S. Securities and Exchange Commission (“SEC”) fined Morgan Stanley Smith Barney for their purported failure to properly safeguard the personal data of nearly 15 million customers.

      The Firm agreed to pay a $35 million penalty.

      Read the full press release here.

      The SEC has increased its focus on cyber security and operational resilience, in a clear signal that firms who are not prepared to address cyber security risks will need to take action. Waystone Compliance Solutions offer US technology and cyber security risk assessment services that cover data disposal and destruction as well as third-party risk management, third-party due diligence and data privacy.

      Find more about Waystone’s Cyber & Data Protection Solution


      If you would like to find out more about how Waystone Compliance Solutions can help you with your cyber security requirements, please contact us below.

      Contact Us

      Previous post Next post

      More like this

      What role should NEDs play in cybersecurity?

      Waystone Compliance Solutions’ Chief Information Security Officer, Conor Flynn, was recently featured in an Assured article where he provided insight…
      Read more

      Building your cyber security foundation

      At Waystone Cyber Security Solutions we believe that as you grow your firm it should be built on a strong…
      Read more

      Securing sensitive employee data – recommended HR policies and procedures

      The onboarding and offboarding of employees is not a subject that we often think about in terms of information security.…
      Read more

      Cyber Security Solutions for the US Investment Advisers

      SEC Focus on Cyber Security and Operational Resilience. The US Securities and Exchange Commission (“SEC”) has increased its focus on…
      Read more

      SEC proposes cyber security risk management rules and amendments for registered investment advisers and funds

      On February 9th, the SEC voted to propose rules related to cybersecurity risk management for registered investment advisers, and registered…
      Read more