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You're browsing: HSBC News » General News » Article Title: HSBC Fined $5.2 Million by U.K. FSA Over Lost Data
22
Jul
HSBC Fined $5.2 Million by U.K. FSA Over Lost Data
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The U.K.’s Financial Services Authority on Wednesday fined three HSBC Holding PLC firms a total of £3 million ($4.9 million) for failing to protect customers’ confidential information, the highest fine ever dished out by the regulator for data security breaches.

Fines of £1.6 million, £875,000 and £700,000 were handed out to HSBC Life UK Ltd., HSBC Actuaries and Consultants Ltd., and HSBC Insurance Brokers Ltd. respectively. HSBC Life’s penalty alone was the highest ever given.

All three companies, wholly owned subsidiaries of HSBC Holding, had sent out unencrypted customer details via the post or courier to third parties, and on two separate occasions, data was lost.

You can read more about this from this source

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