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Posts Tagged ‘FSA’

Zurich Insurance hit with $3.5m fine…

August 25, 2010 Leave a comment

David Meyer from ZDNet reports that Zurich Insurance was hit with a $3.5m fine by the Financial Services Authority (FSA) in the UK for failing to secure customer data. This comes from an incident when a data tape went missing in transit between processing centers. There was no evidence the data on the tape had been used or exposed, but the lack of process and policy was enough to cause the FSA and step in.

The FSA noted in their statement that:

As there were no proper reporting lines in place Zurich UK did not learn of the incident until a year later

An effective breach of the UK Data Protection Act according to the Information Commissioners Office (ICO).

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FSA Fines HSBC Companies $7,500,000 for data security issues

July 23, 2009 Leave a comment

Following on from my recent posts regarding fines and the cost of data leakage (TJX and Cornell), I thought I’d also bring to your attention the latest initiated by the FSA (Financial Services Authority of UK) against HSBC – On 22nd July A tidy penalty of £4,550,000 ($7.5m) for two failures to protect personal information. HSBC will get a nice 30% discount on this for early payment, leaving them with a bill for £3,185,000 ($5.26m) plus their own internal costs.

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