Italy’s top bank, UniCredit SpA, is yet another victim in a series of cyberattacks exploiting vulnerabilities in the financial services industry. Criminals made off with biographical and loan data from 400,000 UniCredit loan accounts after gaining access to the bank’s computer system through one of UniCredit’s third-party commercial partners. The series of data breaches was discovered after an internal IT check discovered that some of the third-party partner’s users were accessing sensitive UniCredit data.

UniCredit was quick to point out in a statement to its users that “No data, such as passwords allowing access to customer accounts or allowing for unauthorised transactions, has been affected” but the bank noted that “some other personal data and [International Bank Account Numbers] might have been accessed.” Such data, even if useless for gaining access to UniCredit accounts, could still be used to steal customer identities or design customized “spear” phishing attacks that might fool a victim into providing more sensitive data.

While security breaches at UniCredit were discovered a few weeks ago, the bank disclosed that one breach occurred as early as September 2016. The nearly year-long gap between the first data breach and its discovery underscores the importance of strict data protection rules and procedures in the financial industry. Such rules and procedures are the aim of the European Union’s General Data Protection Regulation, which will go into effect in May 2018, and is designed to harmonize data protection laws across Europe.

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Photo of Norman Roos Norman Roos

Norman Roos, a member of Robinson+Cole’s Business Transactions Group, concentrates his practice on transactional, regulatory, and technology matters relating to the financial services and real estate industries. He is also a member of the firm’s Financial Services Cyber-Compliance Team and advises financial institutions…

Norman Roos, a member of Robinson+Cole’s Business Transactions Group, concentrates his practice on transactional, regulatory, and technology matters relating to the financial services and real estate industries. He is also a member of the firm’s Financial Services Cyber-Compliance Team and advises financial institutions concerning data privacy and security matters, particularly in relation to policy planning and implementation.

Mr. Roos is counsel to the Connecticut Mortgage Bankers Association, Inc., and is president-elect of the American College of Mortgage Attorneys where he has served on the Board of Regents and as Connecticut State Chair. A member of the Connecticut Bar Association, Mr. Roos is Past Chair of the Financial Institutions Law Section. He has served on a number of Connecticut Law Revision Study Committees including those on Uniform Common Interest Ownership Act, Electronic Communications, Mortgagor Liability, and Electronic Recording of Land Records. Read his full bio here.

Photo of Scott Baird Scott Baird

Scott M. Baird is an associate in the firm’s Business Transactions and Finance Groups, where his practice involves all aspects of corporate and securities law, including corporate governance, mergers and acquisitions, private equity and venture capital transactions, joint ventures, finance transactions, and securities…

Scott M. Baird is an associate in the firm’s Business Transactions and Finance Groups, where his practice involves all aspects of corporate and securities law, including corporate governance, mergers and acquisitions, private equity and venture capital transactions, joint ventures, finance transactions, and securities law and compliance. He focuses on new legislation as well as regulatory and compliance matters involving financial service institutions. Read his full rc.com bio.