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Taipei-based private bank fined NT$10 million for data leaks

11/28/2023 11:33 PM
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A Shanghai Commercial and Savings Bank branch in Taipei. CNA file photo
A Shanghai Commercial and Savings Bank branch in Taipei. CNA file photo

Taipei, Nov. 28 (CNA) The Financial Supervisory Commission (FSC) on Tuesday slapped a fine of NT$10 million (US$318,000) on the Taipei-based Shanghai Commercial and Savings Bank (SCSB) for personal data leaks.

It marks the highest ever fine imposed by Taiwan's top financial services and markets regulator on a bank in the country.

Both the FSC and SCSB received reports relating to data security problems at the private bank in September 2022 and from May to July this year, according to the FSC.

SCSB activated its internal checks but found nothing from September to May, only later determining that the personal data of about 14,000 bank clients had been leaked.

As a result, the FSC concluded SCSB not only failed to establish flawless internal control mechanisms but also did not thoroughly activate the internal control mechanisms at its disposal, leading to the data leaks, the agency said in a statement.

In addition to the fine, the FSC also instructed SCSB to discipline those who should be held liable for the data leaks.

An investigation into the leaks is ongoing.

(By Flor Wang and Hsieh Fang-yu)

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