Loss of data – fines being imposed
With the introduction of the new General Data Protection Regulation (GDPR) the Information Commissioners Office (ICO) has advised that following the theft of a hard drive device, containing 59592 customers names, addresses and bank account details, account numbers and sort codes they have imposed a fine to Royal Sun Allianz (RSA) of £150,000.
The new Regulation states that any loss of data could result in a fine of up to 4% of turnover depending on the loss and this is one of the first published examples of a fine being imposed.
“Customers put their trust in companies to keep their information safe, particularly financial information” commented the Head of Enforcement at the ICO.
Though Cyber Liability Insurance is in its infancy, Insurers have stated a policy could help policyholders with the fines depending on the negligence of the company and it is more important than ever to consider protection against ever increasing Cyber Crime.
For more information, please do not hesitate to contact ourselves.
Source: http://www.insurancebusinessmag.com/uk/news/breaking-news/rsa-slapped-with-150000-fine-42429.aspx