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Tag Archives: data security

Morgan Stanley ‘ignored industry standards’ in data breach

Published: September 23, 2021
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Data center drive removal.

Lawyers allege a Morgan Stanley vice president was fired as a result of data mismanagement during an ITAD job. | Kjetil Kolbjornsrud / Shutterstock

Financial services giant Morgan Stanley terminated a contract with its long-standing IT asset disposition vendor to save money prior to a botched data center decommissioning job in 2016, lawyers alleged in court this month.

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Morgan Stanley names vendor in data security case

Published: August 19, 2021
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Morgan Stanley company logo on screen under magnifying glass.

A court filing this month revealed more details about data mismanagement that occurred during asset disposition at Morgan Stanley locations. | Mr. Tempter / Shutterstock

Morgan Stanley has identified the data center decommissioning provider it claims was responsible for a data-breach incident, which led to lawsuits and a $60 million penalty against the financial giant.

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What do consumers think about data destruction?

Published: August 19, 2021
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A stack of laptops and mobile devices.

Only 11 of 131 study respondents said they didn’t try to remove any personal data before disposing of a device. | Neirfy / Shutterstock

Consumers are overwhelmingly concerned about their personal data, and most of them try to delete it before selling or recycling their devices, according to new research.

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Survey probes COVID-19 e-scrap impact on enterprises

Published: November 19, 2020
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Hands at work on a laptop.

Most enterprises say they’ve purchased laptops because of the pandemic, and most plan to resell the devices when they’re no longer needed. | Alex Ruhl/Shutterstock

Nearly half of large organizations have created job positions related to managing scrap electronics generated during the pandemic, according to a survey.
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ITAD firms weigh in on bank’s $60M data mismanagement fine

Published: October 15, 2020
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Morgan Stanley building exterior.

The Treasury Department fine against Morgan Stanley was related to a 2016 decommissioning of two Wealth Management business data centers in the U.S., as well as ITAD vendor control management deficiencies in 2019. The company doesn’t believe any client information has been accessed or misused.| Ken Wolter/Shutterstock

The U.S. Treasury Department has issued a major fine to Morgan Stanley for improper management of drives. Executives in the electronics recovery sector say the case reaffirms the warnings they have been giving to corporate partners for years.

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How a processor brought drive wiping and repair to ITAD sites

Published: October 1, 2020
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Ultratest Solutions

The Genesis unit in use erasing, testing and repairing drives. | Courtesy of Ultratest Solutions.

Amid growing data security concerns, U.K.-based Ultratec has seen greater reluctance among its customers to ship unwiped drives to Ultratec’s plants for data sanitization. Bringing drive processing capabilities to customers’ sites alleviates those concerns.

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Lawsuits pile on after ITAD vendor’s data mismanagement

Published: August 27, 2020
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Multiple lawsuits accuse Morgan Stanley of negligence, breach of contract, violation of data security laws and more. | enzozo/Shutterstock

Morgan Stanley faces seven class action lawsuits related to an ITAD vendor’s alleged lapse in data security protocols, and the financial institution is considering legal action against the unnamed processor.

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How COVID-19 has affected ITAD and data destruction firms

Published: August 27, 2020
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Clockwise from upper left: Joseph Harford of Reclamere moderated a July 23 webinar that featured Neil Peters-Michaud of Cascade Asset Management, Jade Lee of Supply-Chain Services and Brent Berry of Ingram Micro.

Clockwise from upper left: Joseph Harford of Reclamere moderated a July 23 webinar that featured Neil Peters-Michaud of Cascade Asset Management, Jade Lee of Supply-Chain Services and Brent Berry of Ingram Micro.

The pandemic has forced the ITAD industry to adapt to survive. Experts from three processors recently described that sudden evolution and what it means for the future of data destruction services.

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Morgan Stanley faces lawsuits from ITAD data mishap

Published: August 6, 2020
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Open lock against a green binary code screen.

Morgan Stanley says it has not detected unauthorized use of personal information related to the recent data security incidents. | Chim/Shutterstock

Financial institution Morgan Stanley recently told customers an ITAD vendor’s mistakes may have left personal information susceptible to misuse. Multiple clients have filed suit against the investment firm.

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