Customer data loss leads to unprecedented fine for Zurich
Zurich Insurance has been fined an unprecedented £2.3 million by the UK’s financial regulator for losing confidential data about 46,000 customers.
The Financial Services Authority (FSA) found that an unencrypted back-up tape containing customer information, which included identity data and bank account, credit card and insured asset details in some instances, was lost in 2008 while being transferred to a data storage centre in South Africa.
It took Zurich UK, which had outsourced the data processing activity to Zurich South Africa, a year to notice the error.
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