CIBC’s loss of back up drive hints at lack of safeguards


The loss of a backup drive containing personal and financial data of 470,000 clients by the Canadian Imperial Bank of Commerce (CIBC) was preventable, say Canadian security and legal experts.

Organizations, they say, are obliged to take reasonable steps to avert security breaches, and CIBC doesn’t appear to have done that.

The drive was lost by CIBC’s mutual fund subsidiary Talvest Mutual Funds, while in transit between Montr