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[Dataloss] [follow-up] UK: Nationwide fined almost ?1m over theft
From: Dissent (Dissentpogowasright.org)
Date: Wed Feb 14 2007 - 08:24:35 CST
Nationwide has been fined almost £1 million after the theft of an
employee's laptop computer exposed security flaws.
The Financial Services Authority (FSA) fined Nationwide - the world's
largest building society - £980,000 for not having adequate
information security procedures and controls in place.
The theft from the employee's home in August last year potentially
exposed the society's 11 million customers to an increased risk of
financial crime, the FSA said.
The FSA said the Nationwide was not aware that the laptop contained
confidential customer information and did not start an investigation
until three weeks after the robbery as the employee then went on holiday.
Nationwide declined to say how many account details were on the
laptop but said there had been no loss of money from any account and
the laptop did not contain PINs, passwords, account balance
information or memorable data relating to any customers.
The fine imposed on Nationwide could have been as high as £1.4
million, but the building society qualified for a 30 per cent
discount by agreeing to settle early.
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