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State Street Suffers Data Theft

New England financial firm is the latest company to suffer a data breach

Just a week after The Bank of New York Mellon hit the headlines over a lost backup tape, financial firm State Street confirmed the theft of a disk, which may contain the personal details of more than 45,000 people.

The Boston firm confirmed yesterday that the disk was stolen from an unnamed vendor providing "legal support services." In a statement on its Website, State Street explained that the disk contained information on employees and customers of Investors Financial Services, which it acquired for $4.2 billion last year.

State Street deeply regrets any concerns or inconvenience this issue has caused the customers or employees that joined State Street as a result of the acquisition,” the statement reads, adding that the company has been working with law enforcement authorities to locate the stolen disk.

Some 5,500 employees and 40,000 customers of Investors Financial Services could now be at risk of identity theft, according to The Boston Globe, although State Street downplayed this possibility.

“There is no evidence to date to suggest that the data has been misused,” the State Street statement said. “As a precaution, State Street is notifying legacy [Investors Financial Services] employees and certain legacy customers whose personal data was on the stolen equipment – this notification process is expected to be completed shortly.”

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