first_img CITY watchdog the FSA has slapped a £2.3m fine on the UK branch of Zurich Insurance for data security failings after the loss of a tape in South Africa containing details on 46,000 insurance customers.The FSA said the £2.275m fine was the highest to date handed down to a single firm for data security failings.Zurich UK, part of the Zurich Financial Services Group, did not have full control over the data being processed as part of an outsourcing agreement with its South African branch and was not aware of the tape’s loss until a year later, the FSA said. “Zurich UK let its customers down badly,” Margaret Cole, the FSA’s director of enforcement and financial crime, said. “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.” The company said it had already taken measures to improve data security after it became aware of the loss, which occured in August 2008 as the tape was being transferred to a data storage centre.Zurich Insurance UK chief executive Stephen Lewis said the loss of the back-up data tape was “unacceptable”. He added: “It served to remind us of the need to strive continually to improve the ways in which we seek to protect customers’ data.”Lewis said KPMG had been asked to carry out a root-and-branch review of security procedures. The FSA said the fine had been reduced by 30 per cent from £3.25m after Zurich UK agreed to settle at an early stage. FAST FACTS | DATA PROTECTION FINESNorwich Union was fined £1.26m in 2007 for data security problems.Three HSBC affiliated insurance companies paid a total of £3m last year for failing to protect customers’ confidential details. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy Fanautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite Herald whatsapp Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ Tuesday 24 August 2010 7:58 pm whatsapp KCS-content Tags: NULL Zurich UK hit by £2.3m fine for data loss last_img

Zurich UK hit by £2.3m fine for data loss

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