Security, Investigation, Corporate Events and Executive Protection Specialists
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A2Z Security Group News
3 million pound fine for losing data
- 07 August 2009
- Imagine what it must feel like to write out a cheque for £3,000,000, especially when you know that the money is going straight to the Government. Imagine what it must feel like to know that if you had spent £30 you could have prevented this.
HSBC has just been fined £3,000,000 because they have failed to adequately protect their customers' personal data and have also lost unencrypted data in the post on two separate occasions.
Three HSBC companies were fined because a large amount of personal data was being sent unencrypted by post or courier and that they had failed to encrypt the data.
This could have easily been prevented if they had simply encrypted the data. There are ways of protecting data for as little as £30!
A £30 investment to prevent a £3,000,000 fine. I am not a banker but even I can work out it is better to pay 10,000 times less to encrypt data, rather than pay the fine instead.
If your business ever has to send confidential information to 3rd parties, wouldn't it be better to spend £30 to protect the data rather than suffer the fall out and damage of losing your customers' data?