When will financial services firms understand that data & information security is paramount….just consider the problem Mossack Fonseca now have.
Over a year ago, an anonymous source contacted the Süddeutsche Zeitung (SZ) and submitted encrypted internal documents from Mossack Fonseca (http://www.mossfon.com/) who markets itself as a leading global company which provides comprehensive legal and trust services around the world. The number of documents acquired by SZ has been measured at about 2.6 terabytes of data, making the leak the biggest that journalists had ever worked with.
Source info – http://bit.ly/1Y8U04d
The source of the 2.6 terabytes of leaked data wanted neither financial compensation nor anything else in return, apart from a few security measures.
Instead of some contrition by Mossack Fonseca after losing so much data, Mossack Fonseca’s response is to threaten to sue the news organizations that worked on the Panama Papers Project (including I guess the International Consortium of Investigative Journalists).
Their position is that they are 100% squeaky clean.
This may be the way to fight its position……however, whatever happens, it is their reputation that is on the line.
So, along with their legal teams, I suggest their PR and risk management teams must now work in overdrive to deal with not only the political/regulatory backlash but their client backlash – what will clients make of dealing with a company that loses data and one that is accused, rightly or wrongly, with bad things!!!
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