Compliance

Morgan Stanley will pay $35 million to settle Securities and Exchange Commission allegations that one of its units failed to secure the personal data of millions of customers when replacing company hard drives and servers.

The Office of the Comptroller of the Currency has stopped requiring the bank to provide quarterly progress reports about its efforts to mitigate cloud computing risks.

The agency in charge of regulating cybersecurity incident reports asked firms Monday to give their input on how the developing set of rules should work.

Shortcomings in security testing and monitoring of clients could also trip up payment industry players who need to meet new requirements by 2025.

In an exclusive interview, the moderate Virginia Democrat and co-chair of the Community Development Financial Institution Caucus touched on the future of community development, cybersecurity and nonbank regulation. 

The bank is looking to educate — and potentially hire — a new generation of tech experts by working with New Jersey's Liberty Science Center and two local high schools in areas where students are at higher risk of not graduating.

The cybersecurity crisis arising from super-fast computing is approaching more quickly than the industry and its regulators may realize.

The state's disclosure laws generated data that indicated millions of consumers had their personal details potentially compromised.

A data breach in 2022 costs companies $4.35 million on average, an all-time high according to IBM research.

In a survey, 88% of financial institutions had experienced a firmware-related attack, which the Department of Homeland Security has called an "overlooked" vector for cyberattacks.