Singapore data breach that targeted PM Lee has some bad news for banks

The banks' primary aim is to own rich and varied customer data

Singapore’s banks should watch the fallout from the island’s healthcare-data breach. This could get ugly for them.

The National Electronic Health Record project is taking a pause after hackers stole data on 1.5 million patients including Prime Minister Lee Hsien Loong, who was “specifically and repeatedly” targeted. 

Immediate repercussions for banks have already become obvious, with the Monetary Authority of Singapore cautioning lenders not to rely only on full name, national identification number, address, gender, race and date of birth for customer verification. While introducing additional layers of security such as one-time passwords or biometric identification means additional costs, most Singapore banks