As reported on BuzzFeed, the Commonwealth Bank of Australia lost backup tapes holding ten years (2004-2014) of banking records for up to 12 million customers. If you’re a customer of the Commonwealth Bank, and haven’t already been turned off by the stories coming out of the Royal Commission, then you should take this as the last straw and change banks. Make sure you tell them why.
It is unacceptable that they took so long to notify the regulators what happened.
It is unacceptable that the regulators didn’t take further action.
It is unacceptable that they never informed their customers.
It is unacceptable that the backups were not encrypted.
It is unacceptable that the actual data used by the CBA day-to-day was not (and presumably still is not) encrypted at rest.
It is completely unacceptable that they are so lax with customer data that they send it out, unencrypted and un-erased, and can’t even track the movements of the backup tapes.
This is completely and totally irresponsible. This can not be tolerated by such a major financial institution.
Find a better bank. One that doesn’t treat their customers like mushrooms.