August 25, 2010
Zurich Insurance fined £2.3m for loss of customer data
The UK operation of Zurich Insurance has been fined £2.27m by the Financial Services Authority (FSA) for losing personal details of 46,000 customers.
It is the highest fine levied on a single firm for data security failings.
Margaret Cole, the FSA’s director of enforcement and financial crime, said: “Zurich UK let its customers down badly.”
Stephen Lewis, chief executive of Zurich UK, said: “This incident was unacceptable.”
The data on policyholders, including in some cases bank account and credit card information, went missing in August 2008.
However, Zurich did not become aware of the loss until a year later, when it then began notifying customers.
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