FSA: Firms should change attitude to data security
Wed 14 May 2008
13/05/2008
Financial services companies must change their attitude to data security, the Financial Services Authority (FSA) has urged. It published its Data Security in Financial Services guidelines today and hopes employers will heed its advice to prevent data loss. "Some firms have made progress by adopting good practice while others need to do more in this area to ensure that they are treating their customers fairly," Phillip Robinson, director of financial crime, said. The report revealed large and medium–sized firms invest enough money in data risk management, but there is a "lack of coordination among relevant business areas" and "too much focus on IT controls and too little on office procedures, monitoring and due diligence". Increased attention is now paid to data protection following a number of high-profile losses, including one by HSBC, when an entire server was lost.
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