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17:47 15th March 2010
HSBC has admitted that about 24,000 clients of its private banking operations in Switzerland had their personal data stolen in 2006 and 2007.
Former employee Herve Falciani stole the personal details using privileged account access while working on a project to transfer HSBC's database to a more secure system.
"This is yet another powerful example of the significant risk of unmanaged and unmonitored privileged accounts," said Udi Mokady, chief executive at security firm Cyber-Ark.
HSBC said it has contacted the affected clients, but does not believe the information can be used to access accounts.
In other news, a total of 35 countries could be monitored for piracy and counterfeit activities after a coalition of US trade associations urged greater efforts to stop copyright theft.
In a submission to the US Trade Representative, the International Intellectual Property Alliance said the monitoring would protect industries worth an estimated $889 billion and 5.6 million workers who earn on average 30 per cent more than other employees.
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Written by Derek Oldman
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