CIMB told to appoint 3rd party for data loss investigation

By NG MIN SHEN & MARK RAO / Pic By TMR File

BANK Negara Malaysia (BNM) has requested the CIMB Group Holdings Bhd to appoint a third party to conduct a thorough investigation for its recent loss of data tapes.

BNM governor Tan Sri Muhammad Ibrahim said the central bank has asked CIMB to look at the root cause of the issue that led to the incident, and whether there are defects in the process, and if any regulatory requirements have been breached.

“They also need to come up with the steps necessary to strengthen the protection of their customers’ data. They should be able to come up with a report soon,” he said at a press conference announcing Malaysia’s latest economic results in Kuala Lumpur last Friday.

Meanwhile, CIMB’s group noted in a statement last Friday, investigations relating to the bank’s missing magnetic tapes containing customer information is still ongoing with no new information to report just yet, and that the bank has taken the necessary measures to protect its customers.

“Security measures and internal processes have been heightened and strengthened and this will ascertain the safety of our customers’ transactions,” the lender said.

CIMB added that despite of the lost tapes, customers’ authentication data including personal identification numbers, passwords and also credit card verification value numbers remain safe.

To recap, CIMB last Monday announced several magnetic tapes containing back-up data including customer information were lost and that an investigation was being carried out under Section 379 of the Penal Code for theft.

The bank however did not divulge how and when the back-up tapes, which contained CIMB Bank Bhd’s and its subsidiaries’ customer information, were “physically lost”.