Rising cost of data breaches a hidden danger for banks
The cost of a data loss has been highlighted by the embarrassing breach of security at the US Federal Reserve – and banks should be aware that regulatory fines will not be the largest item on the bill for a major loss of customer data
In February this year, the FBI revealed that UK citizen Lauri Love had been indicted in the US on charges of computer hacking and aggravated identity theft relating to a breach in February 2013 of the Federal Reserve's New York and Chicago branches. During the breach, personal data of Fed employees, including names, email addresses, and phone numbers, were accessed. The FBI says Love then posted
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