FSA slaps Zurich UK with record fine for data loss
The Financial Services Authority (FSA) has hit Zurich UK with a record fine of £2.275m for failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information.
The fine is the highest levied to date on a single firm for data security failings.
The failings came to light following the loss of 46,000 customers’ personal details, including identity details, and in some cases bank account and credit card information, details about insured assets and security arrangements.
The FSA said the loss could have led to serious financial detriment for customers and even exposed them to the risk of burglary. Zurich UK claims it has seen no evidence to suggest that
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