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Bond insurer MBIA was told about a server breach that compromised the data of thousands of local U.S. government entities, but it did not address the problem until later, according to the cyber security expert who discovered the intrusion. MBIA said it had been notified that some client information at its Cutwater Asset Management unit may have been illegally accessed.The company said it shut down the affected server for the now and was conducting a “thorough investigation.” It intends to take all measures necessary to protect customer data and secure its systems.

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