Statements
The Briefing … CBA lost millions of statements
Good morning, and welcome to The Briefing.
The Commonwealth Bank of Australia lost the financial statements of more than 12 million customers and declined to inform the public.
BuzzFeed Australia reports that a subcontractor for the bank lost two backup magnetic tape drives containing 10 years of customer financial statements in May 2016. While the bank notified regulators and attempted to recover the material when it learned of the breach, it decided not to tell customers as it felt there was little likelihood of the drives being found. In a statement, CBA acting group executive of retail banking services, Angus Sullivan, said the drives did not contain information that could compromise account security, such as passwords or PIN numbers …
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The Saturday Paper