Recent reports that major collectors of consumer financial data have let their information get into the wrong hands is focusing the media on the topic. Just ask Strong Funds.
The Milwaukee Journal Sentinel
reported that the Milwaukee area fund firm lost a records covering a "small number" of accounts after an employee's car was stolen.
The theft was confirmed by Wells Fargo & Co., Strong's new owner. The firm added that it has contacted the customers whose information was stolen. So far the theives do not appear to have used the data.
The incident, and the recent report that a Fidelity password was stolen by hackers and used in a $100,000 theft, should be a reminder to fund firms that they need to have policies in place -- both to handle data losses and on how to respond when the reporters start to call.
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