CIBC lost a computer backup file containing sensitive information on 470,000 current and former customers of its Talvest Mutual Funds, the company announced Thursday. CIBC lost the file when moving it between offices.
Dealing with the topic of how to open and serve customer files, it may have contained client names, addresses, signatures, birth dates, bank account numbers, beneficiary information and Social Insurance Numbers.
As a result, CIBC has taken a number of precautionary measures, including offering to compensate any clients for monetary damage as a result of tampered files and offering enrollment in a credit monitoring service at no cost.
“We are in the process of contacting affected Talvest clients by letter to advise them of this issue and to detail the steps we are taking to safeguard their information,” said Steve Geist, president of CIBC Asset Management.