The year 2015 is already becoming known for cyber security breaches regarding financial data with at least two major breaches happening in quick succession in the new year. Here’s some information about the breaches including how they could’ve been potentially avoided.
A Bitcoin company was recently reported as compromised on January 4th. The breach was actually bad enough that the company had to stop all business immediately, which no doubt made them lose out on many potential customers.
It’s looking like the problem occurred largely because of an inside job where an employee was stealing funds from customers. One way this could’ve been potentially prevented is if all customer data was stored elsewhere by only taking funds through a payment processing service.
That way, not even employees on the inside have access to customer data, so nothing can be stolen.
A well-known investment bank recently reported that one of their employees potentially stole records of 350,000 bank clients. The employee apparently even posted 900 of these online, though it is still unclear if the employee’s breach was responsible for that part or not. The theft apparently involved something known as “Speedcoins” which is a currency similar to Bitcoin.
The breach underlines the importance of isolating important information away from where employees can access it, preferably through the use of a third-party. If employees have limited access to customer information, then the risk of customer data theft is greatly diminished.
For more information about keeping financial data safe from outsiders and insiders alike, please contact us here at ProPay.