The CBA's data breach of 19 million accounts

The tapes contained customer names addresses account numbers and transaction details from 2000 to early 2016

Malaysian Bank CIMB lost several magnetic tapes containing "customer information" at the end of past year.

He adds there is no evidence that data had been compromised or accessed by third parties because of the incident, and that it was likely the tapes had in fact been destroyed even if the usual procedures were not followed. The tapes were due to be disposed of, but CBA could not confirm they were securely destroyed. Teams retraced the route of a bank subcontractor's vehicle to look for the backup drives but couldn't find any trace of them, BuzzFeed reported.

Buzzfeed News have uncovered an absolute whopper of a whoopsie swept under the rug by Commonwealth Bank.

Angus Sullivan, CBA's acting group executive for retail banking services, issued a video statement confirming the data breach after Buzz feed exposed details of the incident yesterday.

The affected accounts were also subject to elevated monitoring, which allegedly returned no signs of malicious activity over the last two years.

The lender said it told the Office of the Australian Information Commissioner and the banking regulator about the incident and the results of the investigation in 2016.

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"We have however been contacted by the OAIC this week for additional information about this matter and the actions CBA undertook in 2016".

CBA notified the appropriate regulators of the potential breach and kept them up to speed with the ongoing investigation but chose not to inform customers "in light of the investigations findings and the account monitoring in place". He said the bank suggested his wife must have taken the statements there and left them behind.

Since February, privacy laws have been strengthened so that customers must be informed of data breaches that are likely to result in "serious harm".

However, Commonwealth began sending emails to customers on Thursday, notifying them of the incident.

This is one of the biggest privacy breaches in recent memory, possibly in Australia's history, and it comes just days after the banking regulator delivered a scathing report on the Commonwealth Bank, describing a "widespread sense of complacency", "lack of accountability", and a failure to learn from mistakes at the company. The bank also notified the Australian Prudential Regulation Authority. Sullivan assured the customers of the bank that no personal data had been compromised and so no action is required from their side, including changing passwords or PIN numbers. The tapes contained customer names, account numbers, addresses, and transaction details. The bank immediately put in place monitoring mechanisms to further protect customers.

Mr Brody said the breach had made it all the more concerning banks that proposed laws would soon see banks forced to participate in a new credit reporting regime.

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