Standard Chartered Client Data Stolen in Singapore

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http://online.wsj.com/news/articles/SB10001424052702303997604579239853663592262

Standard Chartered PLC said Thursday that 647 of its private-banking clients had their monthly statements stolen from a server at Fuji Xerox, the third-party printer of that data.

Standard Chartered said it hasn't found any unauthorized transactions since its data security was breached and that it is contacting the affected private bank clients on the matter.

The company's joint statement with Fuji Xerox didn't say whether the accounts of the affected customers were in Singapore and it didn't identify the customers.

Meantime, Singapore's central bank said it has been "actively engaging" Standard Chartered on the incident and will consider if regulatory action is warranted against the bank.

The theft is an "isolated case, but underscores the need for heightened vigilance" in financial institutions, including close management of risks pertaining to service providers, the Monetary Authority of Singapore said.

The Authority said it takes a serious view of such threats and is paying special supervisory attention to compliance by financial institutions for outsourcing information technology.

Singapore has stringent requirements for banks to protect the information technology and confidentiality of their client data.

Standard Chartered said it has "spared no efforts to thoroughly investigate the matter."