Commonwealth Bank (CBA) under fire for losing 20m customer records

guest · Jun 26, 2019

Commonwealth Bank (CBA) under fire for losing 20m customer records
June 27, 2019
https://www.afr.com/business/bankin...r-losing-20m-customer-records-20190627-p521rx

Commonwealth Bank has entered into an enforceable undertaking with the data and privacy regulator after admitting to losing track of magnetic tapes containing the details of 20 million customers.
The bank has also been admonished for internal systems relating to its insurance division that allowed other parts of the company to access customer details they had no right to view.

Australian Information Commissioner and Privacy Commissioner Angelene Falk said inquiries found CBA was reactive in dealing with risks and compliance matters and would have to substantially improve its privacy practices.

In the aftermath, the OAIC said its inquiries revealed the bank did not have clearly defined data retention procedures for personal information and furthermore "lacked sufficient systems and procedures to destroy or de-identify personal information once no longer needed and to ensure compliance by its contractors".
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