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July 9, 2021

Morgan Stanley data breach exposes some corporate client data

Morgan Stanley has reported that a data breach involving a third party vendor exposed personal data of some corporate clients.

According to a Reuters report, the breach affected Guidehouse, a company providing account maintenance services to Morgan Stanley’s StockPlan Connect business.

The cyber-attack, taking advantage of a vulnerability in vendor’s server Accellion FTA, exposed client names, addresses and date of birth among other data. The exposure was repaired in five days.

Morgan Stanley was informed about the breach in May. However, Guidehouse informed the investment bank that there is no evidence that the personal data was leaked online.

A bank spokesperson was quoted by the news agency as saying: “The protection of client data is of the utmost importance and is something we take very seriously.

“We are in close contact with Guidehouse and are taking steps to mitigate potential risks to clients.”

The breach was first reported by the technology news portal Bleeping Computer.

In April, Morgan Stanley reported its first quarter results. In Q1 2021, the investment bank registered record net revenues and net income of $4.12bn and $15.72bn respectively.

It also reported growth across all its business lines.

Recently, Morgan Stanley Investment Management (MSIM) and the Multicultural Strategy Group launched Morgan Stanley Next Level Fund.

The fund, part of MSIM’s Private Credit & Equity platform, will support diverse start-ups.

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