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Morgan Stanley Fires Employee After Data Leaked Online

8/01/2015 by Sharon Shahzad

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US financial service giant Morgan Stanley alleged this week that one of its employees stole account information from around 10% of its 3.5 million wealth management clients.

The Manhattan-headquartered firm said in a statement that some of the stolen data was posted briefly online, although it didn’t contain any account passwords or social security numbers. It added that it is “instituting enhanced security procedures including fraud monitoring” on affected accounts.

The statement continued:

“While there is no evidence of any economic loss to any client, it has been determined that certain account information of approximately 900 clients, including account names and numbers, was briefly posted on the internet. Morgan Stanley detected this exposure and the information was promptly removed.”   

The employee blamed for the data leak has since been fired and law enforcement and regulatory authorities notified, Morgan Stanley said.

Financial adviser Galen Marsh, 30, is alleged to be behind the insider breach, an anonymous “person involved in the investigation” told the New York Times.

In a mid-December Pastebin post he’s alleged to have offered for sale sensitive information including the log-ins of six million accounts, before exposing a small quantity of that data in a second post a fortnight later, the report continued.

Marsh’s lawyer, Robert Gottlieb, claimed that although his client did take said information, he didn’t post it online, share it or try to sell it.

Verizon’s most recent Data Breach Investigations Report (DBIR) found that 8% of data breaches in 2013 were down to “insider misuse” with the majority (88%) made possible by privilege abuse, unapproved hardware (18%) and bribery (16%).

This article has been extracted from http://www.infosecurity-magazine.com, please click on this link to read the article in full http://www.infosecurity-magazine.com/news/morgan-stanley-fires-employee-data/

Montash is a multi-award winning global technology recruitment business. Specialising in permanent and contract positions across mid-senior appointments across a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technology, Demand IT and Business Engagement, Digital and E-commerce, Leadership Talent, Infrastructure and Service Delivery, Project and Programme Delivery.

Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

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