Singapore banks assure clients that data is safe

Singapore banks assure clients that data is safe

    By Wong Siew Ying
    POSTED: 06 Dec 2013 21:03

Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.

SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.

This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.

The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.

Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.

In particular, three banks print their statements in-house.

Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.

UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.

And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.

Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.

DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.

The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.

Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.

OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.

And the outsourcing of its operations is done very selectively, with the bulk of them done internally.

Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.

Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.

ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”

- CNA/gn

- wong chee tat :)