Your bank (NYSE:KBE) knows everything about you: where you live, your income, your social security number, your tax identification numbers, etc. and the recent Morgan Stanley (NYSE:MS) data breach reminds us of the risk we all face. On today’s episode of “The Daily Ticker” on Yahoo! Finance, host Aaron Task interviews Chris Maag, the reporter at Credit.com who broke the Morgan Stanley data breach story earlier this week.
Late last month two CD-ROMs containing sensitive information from 34,000 of Morgan Stanley’s (NYSE:MS) investment clients went missing after being sent to the New York State Department of Taxation and Finance. According to Maag, Morgan Stanley did the “bare minimum” to protect their clients’ information by not encrypting the files, and with Citibank’s (NYSE:C) breach last month, customers are facing a real and growing threat.