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News Largest Bank Australia Loses Data of 12 Million Customers
The data of over 12 million customers from the Commonwealth bank in Australia after the magnetic  tapes that housed the backup files went missing. These same tapes were commissioned to be destroyed after a data center was also decommissioned. After the bank never got any acknowledgement that the tapes were destroyed, the bank investigated the matter, even going onto hire an accounting firm, KPMG, to search for and located the tapes, but after a dragged out search they were unable to locate the tapes. the bank later stated to its customers that KPMG had concluded the tapes had been destroyed.

Many major companies across the world use magnetic tapes as a storage form to store large amounts of data, this same manner is employed by many other banks around the world, even other large commercial companies such as Google and Amazon. These are done in this way to improve the chances of the data staying with company hands.

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