Zurich GBP2.3m Fine
Published / Last Updated on 24/08/2010
by Ashley Clark, Director
Zurich Insurance Group has been fined £2.3m by the finance industry regulator the Financial Services Authority (FSA) for security failings in connection with client data.
In 2008, data for 46,000 clients including credit card and banking data for some was lost and the data was unencrypted.
It was only in 2009 that Zurich became aware of the missing data and informed the regulator.
The fine represents the largest fine so far levied on a financial services company for loss of data and reflects the regulators attitude to toughening up on firms that do not use adequate encryption and security technology.
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