
US and Canadian data breaches cause concern
LOSSES & LAWSUITS
The loss – and the massive potential security breach it may have caused – is being investigated by Canada's privacy commissioner Jennifer Stoddart. It was also reported extensively in the Canadian media.
"My office is committed to carrying out a thorough investigation into this matter and to ensuring that preventive and corrective measures are put in place so that this does not reoccur," Stoddart said in a statement.
CIBC said there is no evidence to suggest the lost backup file has been "inappropriately accessed". However, the bank will be notifying all affected clients by letter, compensating them for monetary loss arising directly from unauthorised access of personal information contained on the file, and providing affected clients with the opportunity to enroll in a credit monitoring service at no cost.
The lost data comes at the same time as US retailer TJ Maxx announced that customer credit card data had been stolen from one of its computers in May 2006. The breach was discovered in December 2006, and it is believed that more than 200,000 customers are affected. US banking associations and politicians have waded into the discussion about how retailers should work with banks to keep customer data safe.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Market blocked in by volume caps on European DLT regime
Limited scope of pilot project risks holding back issuer and depository participation
SVB opens floodgates on liquidity buffers debate
European regulator says HQLAs should be booked at fair value, but not everyone agrees
SEC cyber rules risk creating web of confusion and costs
Proposals would require breach notifications, public disclosures and annual cyber assessments
Indonesia readies close-out netting after passing P2SK Law
Bankruptcy law changes remove close-out netting obstacles
Top 10 operational risks: The umpire strikes back
Tougher regulatory enforcement, new consumer rules and rise of ESG are ringing alarm bells
Behnam comments fan JSCC hopes for US client clearing
Japan clearing exec welcomes CFTC chair’s pledge to keep discussing OTC clearing status for non-US houses
SVB wouldn’t happen in Europe, says Deutsche CIB head
Campelli also thinks Credit Suisse’s bailed-in AT1 bonds acted as originally intended