Probe launched after CIBC loses data on clients

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Probe launched after CIBC loses data on clients
18/01/2007 5:27:34 PM

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Canada's privacy commissioner and police are probing a possible
security breach after the Canadian Imperial Bank of Commerce announced
that a backup computer file, containing information linked to almost
half a million clients, has gone missing.


CTV.ca News Staff

A woman leaves a CIBC bank office in Montreal, Que., Thursday, Jan.18,
2007. (CP / Ryan Remiorz)

The file includes information related to the process used to open and
administer about 470,000 current and former Talvest Mutual Funds client
accounts, according to a news release from CIBC.

CIBC said the computer file was lost in transit between offices.

The file may have included such details as names, addresses,
signatures, dates of birth, bank account numbers, beneficiary
information and social insurance numbers.

"While Talvest has no evidence to suggest this backup file has been
inappropriately accessed, the manager of Talvest Mutual Funds, CIBC
Asset Management, has taken precautionary measures to protect its
clients," stated the release.

In terms of precautions, CIBC Asset Management said it would notify all
affected clients, provide compensation for monetary loss and was
offering a free credit monitoring service.

It was also establishing a call centre and website to deal with client
inquiries, and was working with police to investigate the incident.

"We are in the process of contacting affected Talvest clients by letter
to advise them of this issue and to detail the steps we are taking to
safeguard their information," said Steve Geist, president of CIBC Asset
Management.

"Although, we have no evidence that the information contained in the
backup file has been accessed in any way, we are acting out of an
abundance of caution and want to assure our clients that we are taking
all steps possible to address this matter."

Canada's privacy commissioner Jennifer Stoddart said her office is
committed to carrying out a thorough investigation.

Stoddart said she has grounds for a commissioner-initiated probe to
determine if there was contravention of the Personal Information
Protection and Electronic Documents Act.