Corporate legal and compliance chiefs would be wise to study the U.S. Securities and Exchange Commission’s action against Morgan Stanley over the firm’s alleged “astonishing” failure to protect the data of millions of customers.

“Every company should take a look at it as a cautionary tale and reexamine what you’re doing,” said Don Riddick, Atlanta-based chief legal officer at Featurespace, a tech firm that detects and prevents financial crimes. 

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