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ARTICLE · 26 AUGUST 2010

How Secure Is Your Customer Data?

MacRoberts
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The Financial Services Authority ("FSA") have imposed a fine of £2.27 million on the UK branch of Insurance company Zurich for loss of customer data.

United KingdomMedia, Telecoms, IT, Entertainment
David Flint
David Flint
Valerie Surgenor
Valerie Surgenor
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The Financial Services Authority ("FSA") have imposed a fine of £2.27 million on the UK branch of Insurance company Zurich for loss of customer data.

During a transfer of data to a storage centre, Zurich managed to lose an unencrypted back-up tape holding data on 46,000 customers. The data lost included bank details, credit card details, home addresses and details of securities. What made the matter even more concerning was the fact that Zurich had no idea the data had been lost until a year later.

Whilst Zurich said there was no evidence that this data had been utilised for improper purposes, it is clear they did not have appropriate security procedures in place to protect the data. Customers could have suffered very serious financial consequences if the data had made its way into the wrong hands and been used for financial crime.

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