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Data quality news

FSA voices concerns over data security failings

Apr 24 2008, 14:28 PM

Businesses have failed to take heed of the current warning concerning data security, the Financial Services Authority has charged.

In particular, the City watchdog has highlighted the large number of companies operating in the financial services sector, including banks and insurance providers, that have not implemented effective data authentication measures so as to protect their customers' personal information.

Among the failings observed by the FSA were the sending out of customer details through the post and giving un-vetted junior staff members access to large pools of potentially-sensitive data.

Furthermore, almost one in two of all the companies polled by the regulator admitted that they offer no data security training for their staff.

Philip Robinson, the FSA's director of financial crime and intelligence, said: "It is worrying that despite increased public awareness of the impact that identity theft can have on customers, many firms are still not taking this risk seriously.

"Customers have a right to be confident that firms are doing everything reasonably possible to keep their personal and financial details safe."

The criticisms come soon after the Information Commissioners Office reported that a large number of public sector organisations are still failing to protect data adequately.

• Data integrity within the Finance sector - find out more