UK finance firms urged to tighten up on data security

UK finance firms urged to tighten up on data security

FSA presses financial firms to take greater precautions to stop data leaks

Banks, building societies and insurance companies are underestimating the
risk of economic crime following data compromise incidents, claims the FSA.

These can include lost or stolen laptops, information leaks by staff or
insider activity or insufficient security by suppliers.

The warning follows publication of the FSA’s
review
of systems and controls for data security at 39 firms including banks, building
societies, insurance companies and financial advisers.

Philip Robinson, the FSA’s financial crime and intelligence director, said:
‘Firms getting data security right is a key priority for the FSA and we expect
the industry to raise its standards.

‘We will follow up on this work with firms and will not hesitate to take
action if future breaches are found.’

Andrew Clark, partner in the forensics practice at PricewaterhouseCoopers
LLP, added: ‘They should consider the problem from both the criminal’s
perspective and that of the regulator, thus helping to avoid possible losses and
protecting their
reputations.’

Related Articles

An outline of cloud accounting software

Accounting Software An outline of cloud accounting software

1w Emanuela Hawker, Reporter
5 key tech innovations helping accountants transform their businesses

Accounting Software 5 key tech innovations helping accountants transform their businesses

5m Heather Darnell, Founder of Ask the BOSS
Finance and the tech foundation: what’s needed to deliver impactful business insights?

Accounting Software Finance and the tech foundation: what’s needed to deliver impactful business insights?

8m Workday | Sponsored
Best accounting software for businesses in the UK

Accounting Software Best accounting software for businesses in the UK

8m Accountancy Age, Reporters
Making sense of enterprise tech concepts for finance teams

Accounting Software Making sense of enterprise tech concepts for finance teams

9m Workday | Sponsored
Open Banking: what you need to know

Accounting Software Open Banking: what you need to know

9m Edward Berks, Xero
Accountancy in the digital age: Flexibility, agility, efficiency

Accounting Software Accountancy in the digital age: Flexibility, agility, efficiency

11m Pegasus Software | Sponsored
Sage purchases Intacct in its largest ever acquisition

Accounting Software Sage purchases Intacct in its largest ever acquisition

1y Alia Shoaib, Reporter