Morgan Stanley Fine Backs Up SEC's Tough Cybersecurity Talk

Law360, New York (June 9, 2016, 10:44 PM EDT) -- The U.S. Securities and Exchange Commission backed up a lot of big talk and showed it has little patience for poor cybersecurity with a sizable fine against Morgan Stanley on Wednesday for failing to secure its internal client information systems and prevent a breach, proving the agency is ready to take its place with the big boy privacy regulators, experts said.

Wednesday's $1 million fine against Morgan Stanley Smith Barney LLC is the largest the SEC has imposed yet for violations of the so-called safeguards rule, which requires firms to adopt policies and procedures to safeguard customer information, and experts said that...

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