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Zurich hit with £2.27 million data loss fine

The FSA has given Zurich UK a hefty fine following a data loss incident in 2008.

By Tom Brewster, 24 Aug 2010 at 13:40

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“I think the FSA will need to scale up fines considerably before it becomes such a deterrent effect.”

Room also suggested Zurich's reputation will not be irrevocably damaged by the data security failings.

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Suitable precautions should be made to protect information

The announcement of Zurich’s fine from the FSA demonstrates that any organisation that either requires users to log on, or retains customer’s confidential information should ensure that they have suitable systems in place to prevent data leakage.

Not only have Zurich been fined a large amount of money, but they have potentially damaged their reputation far beyond this charge. It is irrelevant that the information, according to Zurich, was not misused, the point is it should never have been leaked. There are services available which prevent such leakages, and industries such as banking in particular should have the appropriate precautions in place. As a Managed Security Services company (www.msc247.com), we work with a number of the UK’s leading Building Societies to ensure that their customers’ information is wholly protected.

By MSC_247 on Tuesday Aug 24

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