HSBC loses credibility as well as data

The loss of data is incredible. But why does the FSA allow banks, under pressure from the FATF, to distribute in cross-border credit transfers the account number of the instructing customer all over the world? It is inevitable that this account number will leave the banking environment, get into the hands of criminals (that also are provided with further information - all details about a transaction that most recently went via this account: the cross-border credit transfer!) and be mis-used elsewhere. The information on this account number is totally unnecessary to combat money laundering. A more consistent approach to the confidentiality of data would be more than appropriate.

And what exactly do they mean by "the disc was password protected"?

It's fairly obvious that methodology has to be altered throughout the industry to minimise the amount of unnecessary data flying around the place, either on disk or networks.

It presents an opportunity for non-banks which enjoy better perception of digital security to infringe upon traditional bank markets. The industry needs to repond rapidly to turn around consumer views that they are hardly trustworthy in the digital world.

As a source of reliable information on digital security, Banks scored a distant third with only 7.6 percent of people asked, thinking of banks as a trusted information source. Doesn't this worry anyone?