Barclays Bank Archives - Latest News from Backup Technology

Barclays Bank has become the latest organisation to have to deal with a data breach which has resulted in confidential data belonging to thousands of customers being stolen and put up for sale.

It is understood that the bank has started an urgent investigation after it was revealed that the details of up to 2,000 customers were given to the Mail on Sunday by a broker who also claimed that details for another 27,000 people were also up for sale.

It is reported that the data has been stolen from Barclays Financial Planning Services which was closed down in 2011. It is believed that the compromised data includes passport and national insurance numbers which is very valuable in the black market as the information can be used for investment scams. Data such as customers� earnings, savings, mortgages and insurance policies was also compromised in the breach.

The broker who passed on the information explained why the stolen data is so valuable for traders.

The broker claimed, �The data is a gold mine for traders because it is so incredibly detailed. It gets them inside the customer�s head.�

The broker added, �They would start by saying that they had a great investment opportunity that would suit someone on a particular income or with a particular amount of money to invest. Of course, they already knew this about the person they were talking to.�

The bank has started analysing the details of the compromised data so they can determine who has been affected and how the data was stolen.

In a statement, Barclays claimed, �We will take all necessary steps to contact and advise those customers as soon as possible so that they can also ensure the safety of their personal data. Protecting our customers’ data is a top priority and we take this issue extremely seriously. This appears to be criminal action and we will co-operate with the authorities on pursuing the perpetrator.�

Barclays added, �We would like to reassure all of our customers that we have taken every practical measure to ensure that personal and financial details remain as safe and secure as possible.�

The Financial Conduct Authority (FCA) who is investigating the data breach have confirmed that they are currently trying to work out how the data was compromised and that it is now vital to have appropriate security plans in place.

A spokesperson for the FCA stated, �Barclays have contacted us and we will be working with them to understand exactly what has happened and what steps consumers may need to take. Consumers rightly presume their data is safe with their bank, and this should serve to remind all firms how important it is they have the correct procedures in place to ensure data is secure and used appropriately.�

It is now vital that all companies ensure that they have the best security plan in place and is regularly tested to help protect themselves against the threat of cyber hackers and cyber thieves. This should be supported with a robust backup solution to ensure that data can always be recovered no matter what action a hacker or cyber thieves takes such as modifying or deleting the data.

A gang of hackers managed to steal a reported �1.3 million from a branch of Barclays bank in Swiss Cottage, north London.

It is alleged that the gang managed to gain access to the Barclays branch computer network remotely by installing a device which then allowed them to transfer money into their own accounts. It is thought that the gang managed to fit this device when one of the gang members posed as an IT engineer who pretended to be fixing a broken computer. What he was actually doing was installing a device known as a keyboard Video Mouse (KVM) into the back of the computer which allowed the gang to gain remote access to the network.

Worryingly, the device that was used and enabled the gang to steal �1.3 million can be purchased for as little as �10 online and from computer stores.

Eight men so far have been arrested in connection with the theft and are currently being held in different police stations across London in connection with an allegation of conspiracy to steal from Barclays Bank and conspiracy to defraud British banks.

The police have stated that Barclays have managed to recover the vast majority of the money that was stolen.

Detective Inspector Mark Raymond, of the Metropolitan Police’s Central e-Crime Unit (PeCU), stated, “Those responsible for this offence are significant players within a sophisticated and determined organised criminal network, which used considerable technical abilities and traditional criminal know-how to infiltrate and exploit secure banking systems.”

This isn�t the first case where this method has been used by a gang of hackers. Twelve men who were plotting to use the same method to steal money from Santander branch in Surrey Quays, were arrested before they could install the device.

A spokesperson for Scotland Yard stated, “This new and increasing methodology being seen by UK law enforcement demonstrates the rapidly evolving nature of low risk, high financial yield cyber enabled crime.”

Such incidents show that hackers and gangs are coming up with innovative and sophisticated ideas to exploit businesses. Therefore, the importance of having robust security procedures and a robust backup solution in place is becoming ever more important. Such methods could and may be used on other businesses where their critical business data ends up being held to ransom. For such cases, having a robust cloud backup solution in place ensures that you can always recover your data, no matter what happens.

Are you fearful of hackers? Do you have a robust cloud backup solution in place?