ASB Securities hit with $80,000 fine for 14-year privacy breach

guest · May 28, 2020

ASB Securities hit with $80,000 fine for 14-year privacy breach
May 27, 2020
https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12335238

ASB Securities has been fined $80,000 for a privacy breach which left hundreds of online accounts able to be viewed and traded by users without permission.

The New Zealand Markets Disciplinary Tribunal censured the online share trading platform after 576 of its trading accounts were made vulnerable to unauthorised use over a 14-year period.
ASB Securities is one of New Zealand's most popular online brokerage services for DIY retail investors, owned and operated by ASB Bank.

The tribunal said the widespread vulnerability was a "serious breach", despite the small number of actual occurrences, which opened the bank up to a maximum penalty of $500,000.

"A significant number of client accounts were able to be accessed by unauthorised individuals and were vulnerable to activity that could have had a significant impact on clients in terms of financial loss and violations of client privacy and account security," it said.
Click to expand...

However, NZX and ASB agreed to an $80,000 fine - well below the $500,000 maximum - and a public censure, as the breaches were unintentional and there was no financial loss to clients, or financial gain for the bank.
Click to expand...

Log in or Sign up

ASB Securities hit with $80,000 fine for 14-year privacy breach

guest Guest

Log in or Sign up

ASB Securities hit with $80,000 fine for 14-year privacy breach

guest Guest

Useful Searches