Upping the Ante: The FSA fines £3.2 million
The Financial Services Authority has considerably increased the stakes in its efforts to get the organisations it regulates to take data security seriously. This week it fined banking giant, HSBC, a whopping £3.2 million, for losing the personal details of more than 180,000 customers in the post.
This is the largest fine ever imposed by the FSA in respect of data security breaches. It considerably exceeds its previous biggest fine of £1.3 million, imposed on Norwich Union in 2007, and illustrates the increasing importance placed on data security by the FSA.
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