Holy Cybersecurity! How A Leading Bank Exposed 50,000 Top Customers

Holy Data Breach, Batman!

Wells Fargo stunned regulators and clients earlier this month when it revealed that it had accidentally leaked the intimate financial data of 50,000 of its wealthiest clients.

As part of a separate and unrelated lawsuit, Wells inadvertently sent opposing lawyers 1.4 gigabytes of confidential data containing names, Social Security numbers and details of what its top customers had in investment accounts at Wells Fargo. It reportedly included data  on compensation paid to Wells Fargo employee advisors, and details of the millions invested by a hedge fund tycoon.

The Takeaway:  “Human error causes 95% of all cyber breaches,” according to IBM’s Cyber Security Intelligence Index. Be vigilant with your data, but realize that a breach is largely outside of your control.  Be prepared to play offense as well as defense. Monitor and reconcile your account activity regularly, and periodically check your credit file for unauthorized access or inquiries.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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