DFSA fines Moody’s USD 585,825 for data confidentiality breaches

The DFSA has imposed a financial penalty of USD 585,825 on Moody’s Investors Service Middle East Limited (MISMEL) for data confidentiality breaches. MISMEL, a Credit Rating Agency licensed since 2012, contravened DFSA Rules by failing to implement adequate systems and controls and failing to ensure employees did not disclose confidential information. Between December 2023 and May 2026, MISMEL reported seven inadvertent data disclosure incidents, four involving external recipients. The DFSA cited discontinued use of a data security tool, inadequate breach prevention, and ineffective disciplinary processes. MISMEL settled early, receiving a discount from the original proposed fine of USD 836,892.