Ex-employee stole staff data of thousands, says Credit Suisse
Switzerland's second-biggest bank, Credit Suisse, has come under fire yet again. Now, the institution has announced that a rogue employee stole thousands of workers' personal data, including those related to salaries and bonuses. To note, the data theft issue was first identified by the bank back in March 2021, and all relevant financial regulators and data protection authorities have been notified.
Why does this story matter?
- Credit Suisse is in a bit of a financial quagmire right now, and the news of a large-scale data leak comes as a hit in the chest.
- Data is one of the most important commodities at the moment and its misuse can have catastrophic implications.
- Everybody, be it legacy institutions or start-ups, should make investments in top-notch cybersecurity solutions.
What is the issue?
Credit Suisse notified thousands of ex and current employees via email that a co-worker who has now left the firm copied their data onto a personal device without permission from the bank. The stolen data includes information about "salary and variable compensation" between 2013-2015, and the bank account details used to pay the sums. However, it is unclear whether the data has been forwarded.
How did Credit Suisse deal with the problem?
Credit Suisse became aware of the data theft back in March 2021 and immediately conducted a forensic investigation. However, court delays caused by the COVID-19 pandemic hampered progress. Consequently, the banking giant obtained a search and seizure order in order to prevent the leaked data from spreading further. It is also pursuing punitive action against the employee who stole the data.
How are the affected employees being aided?
Credit Suisse employees can opt for a one-year identity monitoring service from Experian. The Swiss bank is paying for the service and has opened a hotline for those concerned about identity theft. To note, in the letter to the employees, the institution claimed there was no evidence of "any onward transmission or intent to use the data." However, many former workers are not convinced.
The bank posted a $7.9 billion loss in 2022
Credit Suisse is in a tough position due to the collapse of financial firms like Archegos and Greensill. Last year, the institution posted its biggest loss since 2008, a hefty $7.9 billion. The data leak is only increasing its pains further.