Zurich data loss nets record fine by FSA
THE UK arm of Swiss group Zurich Insurance was yesterday fined a record £2.28million by City watchdog the Financial Services Authority for losing personal details of 46,000 customers.
Zurich lost the information, including bank accounts and credit-card data, in August 2008 but did not discover the loss until a year later.
FSA director of enforcement Margaret Cole said: “Zurich UK let its customers down badly.” Zurich said the incident was “unacceptable”. It is the highest-ever fine imposed for data security failings.