Did you see the latest fine that the SEC dished out?
The U.S. Securities and Exchange Commission confirmed this week that it has levied a $35 million penalty against Morgan Stanley Smith Barney related to the firm’s failure to protect its customers’ personal identifying information (PII) over a five-year period. The data security failures reportedly impacted the personal information of roughly 15 million MSSB customers.
#datasecurity#visbanking#nationalbanks#fines#bankingindustry
There are 2 primary reasons: 1️⃣ Higher rates slow the economy2️⃣ The Federal Budget Deficit is too high The entire goal of raising interest rates is to slow the economy, make money more expensive, reduce spending, and therefore reduce inflation. The only problem is...
Especially in banking.And that’s exactly what got Wells Fargo into hot water.You probably remember 2013 and the chaos surrounding Wells Fargo.“8 is great” surfaced as their internal slogan.Employees were told to push all customers to have 8 products.That eventually...
And no one seems to be talking about it. More and more businesses are relying HEAVILY on APIs that they don’t own, control, or even understand how they work. Input into the black box → Result returned. And that…Is what we call Counterparty Risk. And lots of it. 1️⃣...