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AlertBoot offers a cloud-based full disk encryption and mobile device security service for companies of any size who want a scalable and easy-to-deploy solution. Centrally managed through a web based console, AlertBoot offers mobile device management, mobile antivirus, remote wipe & lock, device auditing, USB drive and hard disk encryption managed services.

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AlertBoot offers a cloud-based full disk encryption and mobile device security service for companies of any size who want a scalable and easy-to-deploy solution. Centrally managed through a web based console, AlertBoot offers mobile device management, mobile antivirus, remote wipe & lock, device auditing, USB drive and hard disk encryption managed services.

Bank Disk Encryption: TD Bank Announces Data Breach Of 267,000 Clients

According to many periodicals based out of the New England region, TD Bank (based in Canada) has announced a data breach that affects 267,000 people.  The breach took place in March(!) of this year, when it's believed that a couple of data backup tapes went missing.  The use of data encryption software like AlertBoot would have prevented what's turned out to be a colossal mistake.

8 Month Delay, over 260,000 Affected

TD Bank is based out of Canada.  In the US, it has 1,300 branches on the east coast and services nearly 8 million people, according to onlinesentinel.com.  A total of 267,000 people were affected, out of which 144,000 are in New England.

TD Bank has alerted a number of state Attorneys General about the incident.  According to letters that were made public, two backup tapes were lost when they were being transported from one location to another in March.

The tapes contained names, addresses, Social Security numbers, account numbers, date of birth and driver's license numbers.  The tapes were unencrypted.

The bank has offered to "transfer customers to new accounts at the bank, and to provide credit monitoring services for a year," according to onlinesentinel.com.

Why 8 Months?  Why Backup Tapes?  Why No Encryption?

The question that should be on everyone's minds is not:

  • Who uses backup tapes to move data in this day and age?  People who deal with lots of data.  Despite technological advances, you can't beat the efficiency of terabytes of data going down the street at 40 mph.
  • Why did it take 8 months to notify people, including AGs?  Most probably because the bank had no idea they had a breach until they attempted to use / find the tapes.  If anything, this points to TD having a more than adequate audit program.  Most companies perform an audit every 12 months.  The fact that it took 8 months to find the breach implies a biannual audit (every 6 months, plus 2 months to investigate and go public with breach details).

No, the question to ask is, "why was encryption software not used?"  In this day and age, it makes no sense not to use it.  Even if we were to assume that trusted bank personnel were delivering the tapes from one bank to another, there's always the risk of losing it or being mugged.


Related Articles and Sites:
http://www.wbjournal.com/apps/pbcs.dll/article?AID=/20121012/NEWS01/121019969/1002
http://news.bostonherald.com/business/general/view/20221012td_bank_data_breach_hits_73000_mass_customers/srvc=home&position=7
http://www.onlinesentinel.com/TD-Bank-data-breach-affects-35000-in-Maine-.html

 
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About sang_lee

Sang Lee is a Senior Account Manager and Security Analyst with AlertBoot, Inc., the leading provider of managed endpoint security services, based in Las Vegas, NV. Mr. Lee helps with the deployment and ongoing support of the AlertBoot disk encryption managed service. Prior to working at AlertBoot, Mr. Lee served in the South Korean Navy. He holds both a B.S. and an M.S. from Tufts University in Medford, Massachusetts, U.S.A.