30 July 2016
Find out more

Bloomberg hires former IBM chief Palmisiano to conduct data privacy probe

20 May 2013  |  4650 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  |  6561 views  |  0 comments | 6 tweets
Bloomberg damaged by new data leak

Bloomberg damaged by new data leak

14 May 2013  |  7029 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  |  5378 views  |  1 comments | 9 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comFind out more

Who is commenting?

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8215 views comments | 36 tweets | 55 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7112 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6783 views 0 | 6 tweets | 8 linkedin
Indian digital payments market to hit $500bn by 2020 - GoogleIndian digital payments market to hit $500...
5776 views comments | 24 tweets | 18 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job