The Bank of New York Mellon Reports Data Breach Impact Affecting 12.5M Customers

The Bank of New York Mellon (NYSE: BK) suffered the loss of 10 unencrypted data tapes in May 2008.  At the time of this incident, the bank estimated the tapes contained the personal information on approximately 4.5 million customers. 

After subsequent computer forensic examination of the data tapes, the bank is now reporting that the data tapes could contain the personal information on as many as 12.5 million bank customers.

Opinion: A lesson that all businesses should learn is to consider data encryption as another layer of security when storing sensitive personal and financial information.  Encryption won't prevent data breaches or accidental disclosure of sensitive business information, however encryption can prevent your sensitive business information from falling into the wrong hands.

Bank of NY Mellon data breach now affects 12.5 mln
http://www.reuters.com/article/domesticNews/idUSN2834717120080828?sp=true

Comments

[Benjamin Wright]

Jamie: For months I have posted a question on my blog: Has there ever been a documented example of identity theft committed as the result of lost backup tapes? So far, no one has shown me an example. As we saw with TJX and Best Western, it is easy to blow apparent data breaches out of proportion. What do you think? --Ben http://hack-igations.blogspot.com/2007/12/does-lost-tape-equate-to-lost-data.html