As a provider of financial or banking services, you hold the key to your customers’ livelihoods within the invisible walls of your IT systems. When a customer chooses to deal with you, they are making a silent plea that you will treat their financial and other personal information with complete diligence and according to all your legal and ethical obligations.
For the most part, customers have no issues when handing over their confidential information to a financial or banking service provider. Yet sometimes breaches do occur, and the results can be catastrophic.
Data Breach Hits 245,000 Customers of U.K. Payday Loan Company
Earlier in 2017, Wonga, a U.K.-based payday loan company, was hit by a data breach that saw an estimated 245,000 customers have their bank account details, full names, and contact details accessed, according to TechWorld.
20,000 Tesco Bank Customers Had Money Stolen from Their Accounts
In 2016, accounts belonging to 40,000 Tesco Bank customers were compromised, and roughly half had money stolen from them. The BBC reported that customers claims to have lost to up £600 ($767) from their accounts.
Tesco Bank’s Chief executive Benny Higgins assured those affected that the bank would cover all financial losses.
Any financial loss that results from this fraudulent activity will be borne by the bank. Customers are not at financial risk.
Can you imagine how much it would have cost the bank to rectify this security breach?
The Causes of Data Breaches in the Financial and Banking Sectors
Business Insider reported on mid-2017 figures by IBM that reveal the real perpetrators of bank security breaches. The figures reveal that, unlike other sectors, the primary cause of data breaches in the financial sector comes from inadvertent errors from bank insiders.
Unique to the financial industry, criminals target employees, who are thought to be the weakest points in the security of financial institutions. Since it is ultimately employees who make the day-to-day decisions regarding the disposal of end-of-life IT assets, it stands to reason that this figure would be reduced if such assets were disposed of in accordance with the highest industry standards.
Image courtesy Business Insider
What Would a Data Breach Cost Your Financial or Baking Institution?
This is the kind of question that keeps CEOs awake at night. Whatever the size of the breach or the amount required to rectify it, the cost of a breach of your client’s financial or personal information is simply not worth the risk.
When it comes time to dispose of hard drives or other IT assets, choose nothing less than the licensed and fully-certified services of All Green Recycling.
All local and natural regulations will be followed, and verified proof of destruction will be provided for the destruction of your digital data and financial sector IT devices. Complete data wiping to the highest industry standards is assured, and unusable equipment will be recycled and destroyed as appropriate.
Financial & Banking Institutions Served
- Building societies
- Commercial banks
- Credit unions
- Finance companies
- Investment banks
- Investment companies
- Life and general insurance companies
- Savings and loan associations
- Shadow banks
- Superannuation and approved deposit funds
- Wealth management
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To find out how All Green Recycling can help your financial or banking institution to maintain its legal and ethical requirements regarding data destruction and the disposal of IT assets, contact us today.