Commonwealth Bank note sent to online customers in the wake of the data breach.

Commonwealth Bank lost statements of 20 million accounts

CONCERNED Commonwealth Bank clients are receiving messages on the standing of their accounts as the corporate strikes into injury management within the wake of revelations it lost the monetary statements of greater than 20 million accounts.

The CBA has admitted it lost backup information on tape for greater than 15 years of buyer statements in 2016, affecting virtually 20 million accounts.

The Office of the Australian Information Commissioner (OAIC) is now searching for extra assurances from the financial institution that it has learnt from the large information breach.

CBA says it had been unable to verify the destruction of two magnetic tapes containing historic buyer statements.

The tapes contained buyer names, addresses, account numbers and transaction particulars from 2000 to early 2016. The breach has despatched a wave of fury by means of CBA clients who need solutions.

In an try to melt the blow, the financial institution has despatched notifications to clients on the standing of their accounts.

Those not affected obtained phrase that “there is no evidence of your information being compromised and you do not need to take any action”.

The observe comes amid rising concern about what information could or will not be protected.

An investigation in 2016, when the incident occurred, decided it was more than likely the tapes had been disposed of and the financial institution instantly put mechanisms in place to additional shield clients.

The OAIC launched a press release this morning confirming it was notified of “an incident” by the CBA in 2016 however in mild of the damning report into the financial institution’s tradition launched on Tuesday it was now searching for extra assurances from the financial institution it could not occur once more.

“Having regard to the findings in the report by the Australian Prudential Regulation Authority into the CBA released on Tuesday, the OAIC has made further inquiries in relation to this matter and has sought information from the CBA to satisfy the OAIC that the CBA has taken on board lessons learned from this incident, to ensure the privacy of customer’s personal information is adequately protected,” the assertion mentioned.

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The OAIC suggested any Australians with considerations concerning the information breach to contact CBA first then to contact the OAIC if it was not glad with the response.

Finance Minister Mathias Cormann revealed this morning Attorney-General Christian Porter was searching for pressing briefings on the incident.

The Attorney-General was suggested concerning the incident final evening.

Senator Cormann mentioned financial institution clients would have been notified now below new legal guidelines which penalise firms in the event that they fail to inform any affected Australians of a severe information breach.

“Since February, there is a mandatory reporting requirement. This couldn’t happen now,” he advised Sky News.

Shadow Treasurer Chris Bowen has savaged the financial institution’s response to their newest scandal, saying reviews of the loss had been “extremely concerning”.

The CBA’s appearing group government for retail banking providers, Angus Sullivan, issued a press release on YouTube after BuzzFeed Australia printed an article concerning the incident on Wednesday.

“The tapes did not contain PINs, passwords or other data that could enable account fraud,” he mentioned.

In a press release the financial institution mentioned it had confirmed there was no proof of data being compromised for the 19.eight million accounts concerned or suspicious exercise following the incident.

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“We take the protection of customer data very seriously and incidents like this are not acceptable,” Mr Sullivan mentioned.

“I want to assure our customers that we have taken the steps necessary to protect their information and we apologise for any concern this incident may cause.”

The Australian Prudential Regulation Authority mentioned on Tuesday that neighborhood belief in Australia’s banks had been “badly eroded” and CBA had failed to fulfill expectations and “fallen from grace”.

“It’s only natural that CBA customers would be worried about the breach — our financial information is one of the most important things to protect,” Mr Bowen mentioned.

“What did the Turnbull authorities and Information Commissioner know concerning the breach?

“Why has it taken years for individuals to search out out?

“The Government and the Information Commissioner must make full statements immediately on their information and actions in 2016.”

Mr Bowen blamed the federal government for stalling information breach notification legal guidelines, which had been now in place, for the actual fact the financial institution was not pressured to inform affected clients.

Under the brand new legal guidelines, which got here into drive in February, all Australians affected by a serious information breach have to be notified by the accountable organisation inside 30 days.

The firm should additionally notify the Information Commissioner or face harsh penalties.

“CBA needs to provide information to customers today about what has occurred and what actions were taken to after the breach was discovered,” Mr Bowen mentioned.

The information breach notification scheme has exposed the massive rate of breaches in its first few weeks of implementation.

More than 60 main breaches had been reported within the first few weeks of the scheme alone


NAB introduced immediately its first-half revenue has fallen 16.2 per cent to $2.76 billion after bills soared on restructuring prices.

Cash revenue for the six months to March 31 was hit by a 25.three per cent bounce in bills largely associated to the overhaul introduced final yr, however slipped simply zero.2 per cent as soon as these restructuring prices had been stripped out.

Net working revenue rose 2.5 per cent to $9.09 billion and the financial institution held its interim dividend at 99 cents, totally franked.

The financial institution has revealed its plans to go away the wealth administration sector, saying it is going to offload MLC, together with its funds administration, monetary recommendation and superannuation enterprise.

“We need to simplify the bank. Complexity in the bank is just killing us,” NAB Group CEO Andrew Thorburn mentioned.

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