In one look.
- Morgan Stanley to pay $35 million in data breach settlement.
- T-Mobile’s data breach settlement could be the second largest in US history.
- Optus cyberattack exposes customer data.
Morgan Stanley to pay $35 million in data breach settlement.
The U.S. Securities and Exchange Commission (SEC) has agreed to settle charges against Morgan Stanley Smith Barney (MSSB, now known as Morgan Stanley Wealth Management) for a recent breach that exposed data from 15 million customers. MSSB has agreed to pay $35 million to settle claims that it neglected to properly dispose of hard drives and servers containing customer data in what the SEC described as an “astonishing” failure to protect customer information. personal identification. The breach was the result of Morgan Stanley hiring a moving and storage company with no “experience or expertise in data destruction services” to dispose of the equipment, which then landed on a site internet auction.
Gurbir S. Grewal, Director of the SEC’s Enforcement Division, said, “The MSSB’s failures in this case are astonishing. Customers entrust their personal information to financial professionals with the understanding and expectation that it will be protected, and MSSB has unfortunately failed to do so… Today’s action sends a clear message to financial institutions that they must take their obligation to protect this data seriously. Although Morgan Stanley did not admit any wrongdoing, a spokesperson told TechCrunch that he was satisfied with the resolution of the charges, adding, “We have already notified affected customers of these issues, which occurred there. several years ago and have not detected any unauthorized access. access or misuse of customers’ personal information. »
T-Mobile’s data breach settlement could be the second largest in US history.
In another breach settlement, global telecommunications company T-Mobile has agreed to pay $350 million to settle a lawsuit stemming from a 2021 cyberattack that potentially exposed the data of nearly 80 million customers. CNET notes that if approved, the settlement will be the second largest of its kind in the United States, beaten only by Equifax’s 2019 breach settlement for $700 million. The T-Mobile breach was the result of a cyberattack, although it’s unclear exactly how many people were compromised. According to court documents, around 76.6 million people were affected, and an individual trying to sell the information on the dark web claimed he was connected to 100 million people, but T-Mobile claims around 850 Only 000 people were exposed. The hacker who claimed responsibility for the attack, John Binns, told the Wall Street Journal: “I was freaking out because I had access to something important. Their security is terrible. The settlement isn’t an admission of guilt, but T-Mobile released a statement saying, “Customers come first in everything we do and protecting their information is a top priority. Like any business, we don’t are not immune to these criminal attacks.”
Optus cyberattack exposes customer data.
Wireless operator Optus, the Australian unit of telecommunications company Singapore Telecommunications, has revealed that it suffered a cyberattack that resulted in customers’ home addresses, passport numbers and phone numbers being compromised, Business Inquirer reports. For a subset of customers, addresses and identifying data such as driver’s license or passport numbers may also have been accessed, but payment data and account passwords fortunately were not. been exposed. The Guardian explains that the attackers, believed to be working for a criminal or state-sponsored organisation, accessed the sensitive information by breaking through the telecommunications operator’s firewall. In a statement on its website, Optus said that upon discovering the malicious activity, its administrators immediately stopped the attack and are working with the Australian Cyber Security Center to investigate.
“We are devastated to find that we have been the subject of a cyberattack which resulted in the disclosure of our customers’ personal information to someone who should not see it,” said Optus CEO Kelly Bayer. Rosmarin at the ABC. She added that the breach affected both current and former customers, but that “it is simply too early for us to give specific numbers. This is a significant number and we want to be absolutely sure when we say how many [customers have been affected]According to publicly available data, Optus has 9.7 million subscribers. The company noted that mobile and home internet services were not impacted by the incident and that Optus services remain safe to use.