MoneySmart says client data copied — Channel NewsAsia

Financial company MoneySmart said that, as a result of a cybersecurity incident, an unauthorized third party copied the personal data of some of its clients in Singapore and Hong Kong. The company detected unauthorized access to certain internal IT systems on October 29.

What data may have been copied

As Channel NewsAsia reports, in letters to clients MoneySmart said that the compromised systems contained data that users provide when comparing or applying for financial products. This includes, in particular, names and email addresses.

The company also warned that delivery addresses, as well as reference numbers for applications or insurance policies related to the relevant product, may have been copied for clients who submitted reward claims.

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Company response and advice for clients

MoneySmart chief executive Vinod Nair said that the company stopped the unauthorized access and took measures to protect its systems shortly after detecting the incident. It reported the incident to the relevant authorities and engaged independent cybersecurity and digital forensics specialists for further investigation.

MoneySmart is contacting affected clients directly, explaining exactly what data may have been compromised and what measures should be taken. The company advised clients to check their card statements and immediately notify their bank about unfamiliar transactions, as well as to beware of delivery or reward messages asking them to confirm data or pay a fee.

Regulators, including Singapore's Personal Data Protection Commission, were informed about the incident. MoneySmart did not specify the number of clients affected by the incident in response to a CNA inquiry.