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Greg MacSweeney
Greg MacSweeney
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The Top 9 Most Costly Financial Services Data Breaches

The recent data breach involving MasterCard and VISA card information is only the latest in a string of hacks and thefts that have cost financial institutions multimillions of dollars. Here are the biggest most recent data breaches.
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Bank of America

Type: Insider Theft
Cost: $10 million


A Bank of America employee leaked customer information to members of an identity theft ring. Customer names, Social Security numbers, driver's license numbers, bank account numbers, PINs, account balances, dates of birth, addresses, and phone numbers were obtained. More than $10 million was lost. Even though Bank of America first learned about the breach in 2010, it waited until 95 suspects had been arrested to announce it. The group of thieves used the information to modify bank account information and hide the fraudulent accounts they were creating in the names of victims. Bank of America was criticized for not having technology or procedures in place that could have detected the losses over a long period of time.

Information Source:
Privacyrights.org

 

Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio

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