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This could be the biggest data theft ever at a wealth-management firm

This could be the biggest data theft ever at a wealth-management firm
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When you hand over your savings to a financial institution, the only thing that you should have to worry about is the market. As 350,000 Morgan Stanley wealth management clients learned, however, data theft is the hidden evil that finance giants don't want you to know about.

The company announced in a press release that it had fired an employee who "stole data." The employee, whose identity Morgan Stanley has yet to reveal, stole the personal information of 10% of the company's wealth management customers.

Let me repeat: He stole the data of 350,000 customers and all this criminal got was fired. I've heard of slaps on the wrist, but this is ridiculous.

Luckily, the thief didn't get access to any passwords, Social Security numbers or accounts.

If JPMorgan proved that even major financial institutions were vulnerable to hackers last year, then Morgan Stanley proves how dangerous a rogue employee can be.

I can't stress this enough: Don't ignore this breach, because it could happen to you. No matter how much you trust a company, you can't account for the people who work for it.

 

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Source: Bloomberg
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