State Street: Data stolen from vendor

["Richard M. Smith" <rms () computerbytesman com>]

http://www.boston.com/business/personalfinance/articles/2008/05/30/state_str
eet_data_stolen_from_vendor/

State Street Corp. <http://finance.boston.com/boston?Page=QUOTE&Ticker=STT>
said yesterday that a disk drive containing personal details from 5,500
employees and 40,000 customer accounts was stolen from the office of another
firm hired for data analysis.

The incident could leave individuals open to identity theft and is the
latest example to show how financial companies can be vulnerable to the
physical loss of devices storing information, no matter how strong their
online safeguards.

State Street is offering free credit monitoring services for two years to
people whose data were compromised, in line with other banks in similar
situations. A spokeswoman for State Street of Boston, the world's largest
institutional asset manager, said the compromised information was among a
batch of data sent to the analysis firm, which she declined to identify
except to say it was in the United States.

At the time of the transfer, the data were encrypted, making it much more
difficult to misuse. But the firm had unencrypted the information for its
work and stored it on the hard drive that was then stolen, said spokeswoman
Carolyn Cichon.

...

 

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