Zurich Insurance Fined for Customer Data Loss
Zurich Insurance’s UK operation has been fined £2.27m by the Financial Services Authority after losing personal information on 46,000 customers.
This is the highest monetary fine for a single firm that lost information, BBC reports.
“Zurich UK let its customers down badly,” said Margaret Cole, director of enforcement and financial crime at FSA.
Back in 2008, data on around 46,000 customers disappeared, which included bank account and credit card information. The information went missing during a transfer to a data storage center located in South Africa.
“Zurich UK failed to take reasonable care to ensure it had effective systems and controls to manage the risks relating to the security of customer data resulting from the outsourcing arrangement,” according to FSA. “The firm also failed to ensure that it had effective systems and controls to prevent the lost data being used for financial crime.”
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