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Bloomberg to tighten internal controls following client data breach

Matthew Finnegan | Aug. 23, 2013
"NSA moment" likely to impact terminal business

A number of recommendations made in the Hoyt report were also accepted by Bloomberg, largely centering around newsroom standards, with the firm pledging to ensure greater separation between the news and business arms of the business.

Commenting on the release of the two reports, Bloomberg CEO and President Daniel L. Doctoroff said: "We know we needed to evolve, and we have learned from our mistakes. We are already implementing many of the recommendations we received.

"Most importantly, we have carefully listened to our clients and other constituencies, and their suggestions are helping make us a better partner."

However Ovum analyst Rik Turner said that despite the actions taken to tighten its data policies, business for Bloomberg's terminal platform, which has over 300,000 subscribers, is likely to see some adverse effects.

"When Bloomberg had what you might term its "NSA moment" earlier this year, it came against a backdrop of dissatisfaction on the part of some clients with the $20k annual price tag for each terminal," he said.

"The discontent caused by the client data snooping by Bloomberg journos was clearly not going to result in a wholesale walkout, but I suspect that, along with the price issue, it may have spurred a number of customers to look again at alternative suppliers of market data and other services they currently get from Bloomberg."

 

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