Breach: In November 2003, Wells Fargo bank notified thousands of customers that their information may have been compromised after a laptop computer containing financial account data was stolen. Wells Fargo also announced that it would pay $100,000 for the return of the stolen laptop. This was the first publicized privacy breach incident under the then new California State Law SB1386.
Outcome: Through its actions which went above the required legal duties, Wells Fargo avoided class action lawsuits and retained customer trust. However, it was reported that Wells Fargo has spent more than $1M to date to mitigate the breach of a single laptop.
CipherPass Solution: With C~vault and C~mail, the financial data of its customers would have been well protected. C~vault would have encrypted all confidential files including spreadsheets, personal databases, and electronic correspondence. C~mail would have protected all confidential emails including their associated attachments. Under California’s State Law SB1386 Safe Harbor provision, if the data was encrypted, Wells Fargo would have had no further duty, beyond purchasing another laptop!
Wells Fargo:
