FSA warns employers: Protect your data
Fri 25 Apr 2008
24/04/2008
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The Financial Services Authority (FSA) has told financial institutions to take better care of their data and do more to protect their customers from financial crime. Its review of systems and controls for data security at 39 firms including banks, building societies, insurance companies and financial advisers, urged companies to change their attitudes. "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," commented Philip Robinson, director of financial crime and intelligence. The FSA's report, Data Security in Financial Services, revealed firms are not checking third party suppliers, are wholly reliant on outside consultants and are failing to spend sufficient on staff awareness training. Mr Robinson explained: "Customers have a right to be confident that firms are doing everything reasonably possible to keep their personal and financial details safe." The Home Office has warned the cost of internet crime in "human and economic terms" is high, with the government saying it is still growing.
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