What did UBS really lose in security glitch?
What did UBS really lose in security glitch?
By Victor Ng | Mar 5, 2009
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Whether sensitive data is stolen, lost or inadvertently leaked, the effects that it can have on an organization can be, simply put, quite catastrophic. And what's the worst part of it all? The true value of the loss in the incident may not be known until it is much too late.
Take the recent incident at Swiss bank UBS in Singapore and Hong Kong for instance.
A technical glitch at the bank created a minor shockwave in the banking and information security fraternities when Asian media reports of the incident appeared this week.
But it was the bank’s private banking customers in Singapore and Hong Kong who experienced a greater shock more than a week ago when they logged in to access their online accounts.
The high-networth clients found confidential details of other clients' bank statements and account information instead of their own. Fortunately for them – and for UBS – these online accounts do not indicate owners’ names.
UBS indicated that fewer than five clients accessed the information of “a small number of” the UBS wealth-management customer accounts. The bank said that the glitch was “a result of an inadvertent technical error following an information-technology system upgrade over the weekend of Feb 21,” and immediately took steps to rectify the problem.
Ironically, it seems that UBS has recently been locked in a legal battle against the US government related to disclosure of information about American account holders.
News reports said the bank has brought the incident to the attention of Singapore and Hong Kong banking authorities. Both the Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) are following up with the bank.
A HKMA spokesman said it has requested UBS to submit an investigation report. Once that's available, it will work with the bank to assess any impact the incident might have, as well as the remedial measures that should be taken.
Meanwhile, what's on many other people's minds is: what measures can be taken to avoid another similar event?
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