
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
HKMA launches consultation on green taxonomy
Regulator could use proposal to assess progress of banks towards climate goals
After SVB downfall, EBA stress test seeks out unrealised losses
European regulator asks for data on the fair value and sensitivity of bonds and their hedges
EU banks fear Brexit battle over FRTB internal models
Bank of England approach looks easier, but that may not make much difference to model uptake
Europe’s new IRRBB test: the riddle with no answer
A proposed compromise on net interest income test is not scientific, but exact calibration may be impossible
Eurex clearing chief calls for active account carve-outs
Isda AGM: Müller says EU clearing thresholds should exempt market-making and US client trades
The regulator that troubleshoots first, asks questions later
Canada’s bank watchdog aims to intervene early to tackle burgeoning risks, even at the expense of “perfect” regulatory decisions
Banks dispute EBA’s new threshold for IRRBB test
Banks say new proposal for identifying outliers on net interest income is still too severe
Investor wish-list offers no quick fix for Swiss CoCos
Some want bond doc overhaul to clarify bail-in risk, but sovereigns can always change the rules