BNM asks CIMB to appoint independent firm to find root cause of magnetic tape loss

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KUALA LUMPUR (Nov 17): The central bank has asked CIMB Group Holdings Bhd to appoint an independent company to investigate the root cause of its recent incident involving the loss of magnetic tapes containing back-up customer data.

"We have informed a particular institution that they need to appoint an independent company to look at the root cause of the issue. Not only that, it will then look into the processes and see whether any regulatory requirement has been breached," Bank Negara Malaysia Governor Tan Sri Muhammad Ibrahim.

He was responding to questions on the measures taken to address the issues involving CIMB's loss of magnetic tapes and the risks on whether the breach could involve other banks as well.

CIMB announced earlier this week that several magnetic tapes containing back-up data were lost in transit during routine operations. Following the loss of the tapes, the bank has heightened security measures, which include suspending some services via its call center.

The central bank had issued a statement on the same day to inform the public that it was aware of the incident and was assured by CIMB that necessary precautionary measures and mitigation actions have been taken to manage any possible negative impact arising from the loss of the tapes.

Inspector-General of Police Mohamad Fuzi Harun was quoted by Bernama as saying that initial investigations showed that the loss of the tapes was due to possible negligence on the part of the bank's staff. He also ruled out sabotage as the cause.