News of the breach at the IMF comesÃ‚ just days after it emergedÃ‚ that a hacker attack at Citibank in May exposed customer account names, numbers and contact information of approximately 1 percent of Citibank’s 21 million users.Ã‚ Ã‚
According to the NYT, concern about the attack at the IMF was so significant that the World Bank cut the computer link that allows the two institutions to share information.
The NYT says:
Because the fund has been at the center of economic bailout programs for Portugal, Greece and Ireland Ã¢â‚¬” and possesses sensitive data on other countries that may be on the brink of crisis Ã¢â‚¬” its database contains potentially market-moving information. It also includes communications with national leaders as they negotiate, often behind the scenes, on the terms of international bailouts. Those agreements are, in the words of one fund official, Ã¢â‚¬Å“political dynamite in many countries.Ã¢â‚¬ It was unclear what information the attackers were able to access.”
Businesses face a potentially enormous liability when a data breach occurs. An article by Rodd Zolkos atÃ‚ Business Insurance notes that increasing legislation and regulation at the Federal and state levels related to data breaches is contributing to higher success ratesÃ‚ for cyber plaintiffs in court andÃ‚ rising potentialÃ‚ costs for companies.
Check outÃ‚ furtherÃ‚ I.I.I. facts and stats onÃ‚ identity theft.