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Insurer receives record fine for data security failings
Insurance giant Zurich may be in the market for IT contractors to help resolve its data security problems.
It has been slapped with a £2.275 million fine for failing to implement adequate systems and controls concerning the security of customer data.
The Financial Services Authority (FSA) says that this is the biggest fine that has ever been levied against a single firm for a data breach.
The problem came when staff members in a South African branch lost an unencrypted tape with the personal details of more than 46,000 customers.
Zurich's procedures were found lacking when the incident was not reported to the UK head office for more than a year.
Margaret Cole, the FSA director of enforcement and financial crime, said: "Zurich UK let its customers down badly.
"Firms across the financial sector would do well to look at the details of this case and learn from the mistakes that Zurich UK made."
It has been slapped with a £2.275 million fine for failing to implement adequate systems and controls concerning the security of customer data.
The Financial Services Authority (FSA) says that this is the biggest fine that has ever been levied against a single firm for a data breach.
The problem came when staff members in a South African branch lost an unencrypted tape with the personal details of more than 46,000 customers.
Zurich's procedures were found lacking when the incident was not reported to the UK head office for more than a year.
Margaret Cole, the FSA director of enforcement and financial crime, said: "Zurich UK let its customers down badly.
"Firms across the financial sector would do well to look at the details of this case and learn from the mistakes that Zurich UK made."
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