Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Banking Business Review
Return to: BBR Home | News

2.7 million customers data breached at HSBC’s Turkey unit

BBR Staff Writer Published 14 November 2014

Details of 2.7 million HSBC customers have been reportedly compromised in a data breach at the bank’s unit in Turkey.

The hack resulted in the theft of data on cards, account numbers, and their expiration dates.

HSBC Bank said in a statement that the breach is limited to Turkey and would not result in financial risk for the customers, reported Bloomberg.

Data protection company SafeNet cloud solutions vice-president Jason Hart said: "HSBC is the latest bank to join the long list of high profile data breaches.

"While it's still too early to estimate how this hack will impact HSBC customers' loyalty, the consequences of these attacks can be damaging both to the institution's reputation and bottom line, as well as to customers' confidence in the entire financial sector.

"Being breached is no longer a question of "if" but "when", so banks need to move away from the traditional strategy of focusing on breach prevention towards a 'secure breach' approach."

The HSBC data hack comes weeks after JPMorgan revealed a similar breach wherein details of 76 million households in the US were affected.

Previously, 24,000 accounts of HSBC's private banking operation in Switzerland were stolen by a former employee of the bank.