26 April 2017
Find out more

Bloomberg hires former IBM chief Palmisiano to conduct data privacy probe

20 May 2013  |  4885 views  |  0 Stock exchange numbers

Bloomberg has hired former IBM chairman and CEO Sam Palmisiano as an independent advisor to review privacy and data standards practices at the company.

The review follows revelations last week that Bloomberg journalists had snooped on clients by monitoring page views and log-ins by traders using its desktop data terminals.

In a statement, Bloomberg says that Palmisano will immediately probe the company's current practices and policies for client data and end user information, including a review of access issues. He will be assisted by the law firm Hogan Lovells and consulting practice Promontory Financial Group in his investigation.

Daniel Doctoroff, Bloomberg CEO and president, says: "When a client brought these matters to our attention, we apologised for our mistake and took immediate action including the appointment of an internal client data compliance officer. We want, however, to go even further and get the benefit of independent leading experts so that we set the new standard for privacy and data security."

In addition, Bloomberg announced that Clark Hoyt, editor-at-Large at Bloomberg News will conduct a review of Bloomberg News' relationship with the company's commercial operations, including privacy and data policies.

The Wall Street Journal reports today that banks are pushing Bloomberg to cut the annual $20,000 charge on its data terminals in response to the scandal, while Financial News reveals that Thomson Reuters, Markit and Goldman Sachs are planning a rival service to Bloomberg's popular Chat facility in a project dubbed Open Federal Chat.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

JPMorgan Chase demands access to Bloomberg logs

JPMorgan Chase demands access to Bloomberg logs

16 May 2013  |  6871 views  |  0 comments | 6 tweets
Bloomberg damaged by new data leak

Bloomberg damaged by new data leak

14 May 2013  |  7328 views  |  0 comments | 15 tweets | 6 linkedin
Bloomberg admits reporters used terminals to snoop on clients

Bloomberg admits reporters used terminals to snoop on clients

13 May 2013  |  5644 views  |  1 comments | 9 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
Find out moreVisit capgemini.comvisit dh.com

Top topics

Most viewed Most shared
hands typing furiouslyDoes the Buck Stop with GameStop?
15868 views 0 | 3 tweets | 14 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11606 views comments | 31 tweets | 20 linkedin
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
10602 views 0 | 7 tweets | 7 linkedin
Alipay and WeChat near $3 trillion payments milestoneAlipay and WeChat near $3 trillion payment...
9806 views comments | 35 tweets | 38 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
8886 views comments | 14 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job