BMO Bank and University of Minnesota suffer data breaches
Canada’s BMO Bank has lost a laptop computer with the personal details of 900 of its clients, while two more laptops with private records on 13,000 students were stolen from the University of Minnesota. Experts at InfoWatch believe that many organizations will only understand how important it is to prevent data leaks once they have felt the long-term negative effects that they cause.
2.6 million client data leaked by Chase Card Services
Five tapes containing the private details of 2.6 million Circuit City credit card holders were thrown away after being mistaken for trash. According to experts at InfoWatch, the company should have insured itself against such risks by encrypting its back-up data.
Basel II fails to get off the ground in US
US regulatory bodies have released a new draft of Basel II softening the requirements for banks’ reserve capital. Analysts at InfoWatch believe US bankers are afraid of losing their leading position on the world’s financial markets and are trying to drag out the compliance process. If it continues, however, European banks may benefit from using the new system of risk management and the subsequent effect it will have on their image.
Disgruntled system administrator turns to sabotage
A disgruntled former system administrator at a provider company has left a number of clients without access to the Internet. According to InfoWatch, bosses need to approach the threat of information sabotage extremely carefully because just one such incident can cause multi-million dollar losses.
1st OVK client database for sale on Russian black market
A database of 3,000 people who fail to keep up their credit repayments has gone on sale in Russia. There is every reason to believe that a fuller version of the database will appear in the near future with information on 3 million people. Experts at InfoWatch stress that if the country’s commercial banks continue to be so lax about their client confidentiality, they could see a drastic reduction in their customer base.
US, UK blue chips fall victim to Indian call center insiders
Employees at a Delhi call center have stolen information on clients that include British and US telecommunications firms. Experts at InfoWatch believe that this could be the last straw for Western companies. As a result, outsourcing firms could be forced to provide guaranteed safeguards against data leaks.
Hospital, bank and US government agencies hit by data breaches
Four high-profile breaches of personal data were reported last week as a result of laptop thefts. The BHHC medical group, Sovereign Bank and the US Departments for Education and Transportation are all likely to be the subject of criticism from both clients and the general public in the near future. According to experts at InfoWatch, the repercussions of those leaks will come back to haunt those organizations in the long term.
Human error sends data on 5K Verizon clients to wrong address
An employee was to blame for accidentally sending private client information to the wrong e-mail address. According to experts at InfoWatch, virtually every large company needs to address the threat of human error because it accounts for 90% of confidential data leaks.
Confidential state data stolen from St. Petersburg office
The thieves broke into the building in nighttime raids, making off with computer equipment that contained confidential information on state orders. The culprits have been caught, but some of the stolen equipment is still missing. According to experts at InfoWatch, the secret state data is still out there just waiting to be found.
British online banking details sold for less than 40 dollars
Internet banking records of thousands of Britons are being sold for less than $40 in Nigeria after being gleaned from recycled computers sent to Africa by British companies. According to experts at InfoWatch, any company or individual could find themselves in the same situation if they fail to take precautions.
