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.
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.
A newly launched service will track used electronics leaving enterprises’ loading docks, helping companies recover equipment that’s lost or stolen before arrival at an ITAD facility.
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.
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.
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.
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.
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.