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Encrypted Tape Lost in Transit to a Credit Bureau

Answered by: 

Question: 
What must be done if a tape containing loan customer information is lost in transit to the credit bureau? The tape is encrypted and contains minimal sensitive information.
Answer: 

This question is not sufficiently detailed except to raise very big, very bright red flags. Instead of an explicit answer I will provide resources of information that involve security breaches and potential security breaches.

Federal Bank Regulatory Agencies Jointly Issue Interagency Guidance on Response Programs for Security Breaches

FDIC and Interagency Letters on Security Breaches

(A BOL Learning Connect webinar) Protecting Against, and Responding to, Customer Information Breaches

You must have a plan in place to notify customers when this type of incident happens. What you don't know at this point, and what would have to be evaluated prior to formal action being taken, is what data is exposed, how could it be accessed, has it been and what could be done with this?

The Department of Veterans Affairs (VA) recently had a laptop stolen from an employee's home. It may cost taxpayers $1.5 billion. And as this question is asked and answered, there are several bills pending in Congress that address security breaches, required actions and even criminal penalties applicable to the bank.

First published on BankersOnline.com 6/12/06

First published on 06/12/2006

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