Firms must do more on data security - FSA

As part of a review of data security, entitled Data Security in Financial Services, the FSA examined systems and control for data security at 39 firms, including banks, building societies, insurance firms and financial advisers. Despite some examples of good practice, the FSA found many firms were underestimating the risk of data loss and fraud for their customers. In many cases senior management did not recognise the value of customer data to fraudsters and did not realise staff could pose a similar threat to data security as burglars and computer hackers. Philip Robertson, director of ...