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Millions of Britons’ financial data lost in 2014-15, FCA discloses

A Freedom of Information (FOI) request has revealed that millions of Britons have had their financial data either lost or stolen in the past 12 months.

Submitted by industry news provider Money Marketing to the Financial Conduct Authority (FCA), the FOI request shed light on five different incidents over the 2014 to 2015 period.

In one instance, the FCA was notified of the theft of a server in transit from a consumer credit firm, which resulted in the loss of data on five million individuals.

Elsewhere, a bank reported the loss of a USB drive containing information on more than 30,000 customers.

Speaking to Mortgage Strategy about the findings, Gary Williams – director of security vendor Protect My Data – commented: “Large financial services firms are still not taking appropriate steps to protect the personal data of their customers.”

These measures might include the use of encryption, as well as stricter policies when it comes to secure data erasure.

For peace of mind that end-of-life data is permanently destroyed, contact Kroll Ontrack for cost-effective and compliant end-of-life data erasure solutions.

From:: https://www.ontrack.com/uk/company/press-room/data-recovery-news/millions-of-britons-financial-data-lost-in-2014-15,-fca-discloses527.aspx

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