Showing posts with label fuji xerox. Show all posts
Showing posts with label fuji xerox. Show all posts
Thursday, May 1, 2014
Friday, December 6, 2013
StanChart reports theft of 647 private bank clients' statements
StanChart reports theft of 647 private bank clients' statements
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
Fuji Xerox server, desktop seized for StanChart data theft investigations
Fuji Xerox server, desktop seized for StanChart data theft investigations
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
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 :)
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 :)
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