The Bermuda-based law firm has declared that it suffered a data breach last year which compromises secrets from super-rich clients around the globe.
A major law firm based in Bermuda called Appleby suffered a major data breach last year and has recently said in a report that the financial details of billionaire clients may be leaked to the public. In addition, the firm remembered a previous incident in 2016 where some of their data were compromised. The representative of the firm also stated that the company does not “tolerate any illegal behavior”.
The Telegraph first reported the firm is warning clients about this data breach after they were approached by the media group behind the reporting of the Panama Papers. The Panama Papers were a cache of 11.5 m leaked financial texts and documents from one of the biggest offshore law firm, Mossack Fonseca.
Appleby did not offer any specific details regarding when or how the data breach occurred or how many clients were potentially affected. After the security breach, Appleby has made a couple of statements regarding its cybersecurity, “cybersecurity and data access arrangements have been reviewed” and wanted to give their partners confidence to keep making investments and employing their services “we are confident that our data integrity is secure”.
The leaking of the Panama Papers which was later denominated as the biggest leak in the history of data journalism stroke negatively into the global political elite and triggered many investigations into public figures such as Barcelona Futbol Club Star Lionel Messi, Pakistani Prime Minister Nawaz Sharif, Iceland’s prime minister Sigmundur Gunnlaugsson and close associates of Russian President Vladimir Putin.
The International Consortium of Investigative Journalism (ICIJ) is currently performing analysis on the data from Appleby and have declared to release the information on a short schedule according to the New York Times newspaper. In accordance with Appleby declarations, the International Consortium of Investigative Journalism has been trying to communicate with the law firm regarding allegations made against the company and the businesses conducted by some of their clients.
The growing controversy surrounding Appleby further thickens when taken into account that the company has offices in many tax havens including the Cayman Islands, British Virgin Islands, Guernsey, Jersey, the Isle of Man, Mauritius and the Seychelles.
“Appleby operates in highly regulated jurisdictions and like all professional organizations in our regions, we are subject to frequent regulatory checks and we are committed to achieving the high standards set by our regulators. We are also committed to the highest standards of client service and confidentiality,” added the company spokesman. Despite all the shady implications, Appleby has denied any involvement in illegal behavior, including one of their representatives declaring on October 24, “We take any allegation of wrongdoing, implicit or otherwise, extremely seriously.”
Appleby after communicating with representatives from the ICIJ believes the allegations made by this consortium are not well-based. and thus are unfounded. “We are disappointed that the media may choose to use information which could have emanated from material obtained illegally and that this may result in exposing innocent parties to data protection breaches,” the company added.
The firm has continued to respond to the allegations made by the media, declaring “Appleby has thoroughly and vigorously investigated the allegations and we are satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients.” During the interview, the company’s spokesman said that the company will not disclose any information regarding this event without any authorized individual “we would be happy to cooperate fully with any legitimate and authorized investigation of the allegations by the appropriate and relevant authorities.”