IT Compliance and Controls

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Article: Blackmail payments for stolen client data

February 21st, 2008 · No Comments

Yesterday I highlighted that organizations must consider the value of information based on the party that possesses it, i.e. If the information was made available to anyone – what could they do and how bad would the impact be to your organization?

Today’s Wall Street Journal had an article entitled “Another Liechtenstein Bank Suffers Theft of Client Data”. It is an interesting read compared to the others, because in this case the organizations paid millions of dollars since 2003 in blackmail payments in order to cover-up the event and recover the data.

While it is rare to publicly hear of organizations paying blackmail in order to recover data, it does provide intelligence on the value this financial institution placed on their image and the stolen data.

David and Mike provide rich details on the payments, the situation, and an overview of another Liechtenstein bank, LGT Group.

Best,

James DeLuccia

Tags: Fraud · Human Resources · Identity Theft · Risk Awareness

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