Oops - a giant stumbles: Citibank "looses" customer information in Singapore

It has been reported in various newspapers, that a magnetic tape containing information about 123,690 customer accounts have gone missing in Singapore.

The tape went missing on Sunday, after being transported by a local securities firm to a data-processing center. So far, the tape has not surfaced again.

Citibank has written a letter to the customers and apologised, stating, that private data could not leak because only special computers would be able to read the information. And, that the information in the tapes was not enough to allow illegal money withdrawels - tell this the people involved.

However, it once again shows that one cannot underestimate the importance of people - or their weaknesses. A value chain is only as strong as the weakest link, and once trust in a brand is damaged, it will take a lot to get it back.

(By Asia Business Consulting)