Go morning IAMites, keeping an eye on this one from my prolonged trip in Europe.
Things are looking great, but I always keep an eye out for some sort of 'black swan' event (we do operate in a heavily regulated environment after all) and this morning I stumbled on this.
I think it is worth keeping an eye out given the current political environment where any type of foreign bashing is viewed as a vote winner. I think it could get some significant air time in the next few days and it is relevant to our business model:
"Your mobile phone records and home address for sale
Corrupt insiders at offshore call centres are offering the private details of Australian customers of Optus, Telstra and Vodafone for sale to anyone prepared to pay.
A Fairfax Media investigation can reveal Mumbai-based security firm AI Solutions is asking between $350 and $1000 in exchange for the private information, but even more if the target is an Australian "VIP, politician, police, [or] celebrity".
AI Solutions is just one of potentially several private companies selling phone records, home addresses and other private details of Australian telecommunication company customers. They in turn have received the information from employees of the call centres used widely by Australian businesses.
Security industry sources said the practice has been long-standing. AI Solutions has told customers it has sold people's personal data for several years..........
..............The revelation underscores the risks facing Australian consumers and businesses as a vast amount of personal or private data is collected and often stored offshore by service providers, financial institutions and government agencies.
It also raises fresh concerns about risks faced in using offshore call centres, where it may be more difficult to ensure data security."
I am sure management will be in the front foot, and reiterate the fact that there are stringent security measures in place, but sometimes it is not enough.
Hopefully nobody will jump on the opportunity to score some cheap points and ask for tougher regulation of companies operating a business where overseas staff handling private information for Australian customers.
IAM Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
