Australia's Commonwealth Bank admits 2016 data breach

Australia's Commonwealth Bank admits 2016 data breach

"We have however been contacted by the OAIC this week for additional information about this matter and the actions CBA undertook in 2016".

When the data stored on tape drives was lost by a subcontractor, CBA launched an investigation to find out what happened, but the documents were never found. The transaction data on the tapes range from 2000 through early 2016.

CBA says it had been unable to confirm the destruction of two magnetic tapes containing historical customer statements.

Acting Group Executive of Retail Banking Services Angus Sullivan said incidents like this are "not acceptable" and that the bank takes protection of customer data seriously. So, they simply concluded that the tapes could have been destroyed.

"In these cases, we balance the need to alert customers without unnecessarily alarming them, "Sullivan says in a video".

There's been no evidence of suspicious activity or that customer data was compromised, and the bank is still monitoring the accounts as a precaution, it said.

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Brody said a situation like this could be worse next time because new laws on credit reporting that come into effect on July 1, 2018, will allow banks to access more of the credit history of Australians than they now have access to.

The latest revelation is another blow to the Commonwealth Bank, which is already reeling from several other scandals.

In February 2018, CBA had blocked cryptocurrency purchases using credit cards.

While there may be truth to this, recent legislation means that Australian businesses must report if they've suffered a data breach to both the regulators and the affected individuals if they were deemed at risk.

The privacy commissioner was informed - but affected customers weren't told.

Commonwealth Bank customers are being told they don't need to change their pins or passwords, following a massive data breach. As a result, it decided against notifying customers and stepped up its monitoring of impacted accounts.

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The bank believes the data was most likely destroyed but can not confirm that is the case.

The OAIC said in statement that it had decided to make "further inquiries in relation to this matter" after reading APRA's report into CBA culture, which was released earlier this week.

The Australian Prudential Regulation Authority said on Tuesday that community trust in Australia's banks had been "badly eroded" and CBA had failed to meet expectations and "fallen from grace". The bank immediately put in place monitoring mechanisms to further protect customers.

The CEO also said the bank's top 500 executives would be given printed copies of the 100+ page APRA report.

It said the issue was not cyber-related and there was no compromise of its technology platforms, systems, services, apps or websites and no evidence of customer harm.

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