A serious issue has come to light involving an employee from Nippon Life Insurance (Nissay) who was temporarily assigned to MUFG Bank (Mitsubishi UFJ Bank). The employee illegally took confidential internal information from the bank—such as its insurance sales strategies and updates on competing insurance products—and shared it with about 270 coworkers back at Nippon Life.
Nippon Life’s president, Tomoji Asahi, publicly apologized on July 16, saying the company will investigate fully and work to prevent this from happening again.
The information was reportedly used by Nissay’s corporate sales department to help with their business efforts targeting major banks.
In Japan, it's common for insurance companies to send staff on assignment to banks that sell their products. Because of this practice, experts warn that similar problems could be discovered at other companies too.
by MagazineKey4532