Zurich Insurance costomers Are at Risk
Financial Services Authority, the UK’s financial regulator announced a huge fine imposed on Zurich Insurance, a leading European provider of insurance. The fine amounts to £ 2.275 million and is the result of a loss of customer data.
According to the information available from the FSA, Zurich Insurance Plc, which makes part of Zurich Financial Services Group, Switzerland, collaborated with his unit in South Africa, and the second loss of identity information and financial details (credit cards, bank accounts insured assets) of 46,000 customers. The loss came in August 2008 but was not discovered until September 2009.
Commenting on the situation, Mr. Lewis, chief executive of Zurich Insurance, said the company has reviewed its systems of data security and plans to hire a security officer.
The fine, the company has to pay, even though it is the largest ever imposed by the FSA for the loss of data, is 30% lower than it might have been. The discount, given to Zurich Insurance for their active cooperation with the investigation.