Company Fined £2.27 Million for Data Breach
DATA LOSS—UKSeptember 1, 2010
The Financial Services Authority (FSA) has fined an insurance company £2.27 million, a record amount, for its loss of computer backup tapes containing the personal information of 46,000 policy holders, Citywire reports. The FSA says Zurich Insurance failed to have systems in place to prevent the loss, which occurred during the outsourcing of unencrypted information, including credit card and bank details, to the company's South African branch arm. "This incident was unacceptable," said Zurich's chief executive, adding that the company is doing all it can to protect customer data.