Risk of losing backup media - real example

My post about security about 6 steps to securing your backup media has sparked up comments that my example scenario is very grim and will not happen. Here is a real example of that grim scenario:

In 2005, LaSalle Bank Corp lost a tape containing confidential data of 2,000,000 residential mortgages. The tape listed mortgage customer names, accounts, payment histories and Social Security numbers. The tape was lost in the mail, while en route to a credit reporting bureau.

The tape was later recovered after missing for several weeks. Since the data was not encrypted, and there was no method to identify that the tape has been read or tampered with, LaSalle Bank Corp maintained high level of protection for customers from potential identity theft.
This has lead to undisclosed costs covered by the bank.

The bank has since abandoned transferring physical tapes to credit bureaus in favor of electronically sending encrypted files.

Here are several articles regarding this issue.
http://findarticles.com/p/articles/mi_hb5273/is_200512/ai_n20825812
http://searchsecurity.techtarget.com/news/article/0,289142,sid14_gci1153797,00.html

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6 steps to securing your backup media
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TrueCrypt Full Disk Encryption Review
5 rules to Protecting Information on your Laptop

Talkback and comments are most welcome

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