Figures from the Information Commissioner’s Office (ICO) have shown a shocking 183% rise in reported data breaches from the financial services industry in the last two years. The statistics, requested by Egress Software Technologies reported the sector has been investigated 585 times for incidents reported during 2014, with 791 incidents reported since the start of 2013.
Included in the figures are multiple incidents reported by all of the UK’s major banks - Barclays, HSBC, Lloyds Banking Group, Natwest, Nationwide and Santander. The cases included a mix of complaints received by the ICO and of self-reported breaches of the Data Protection Act.
Civil monetary penalties of £455,000 have been issued by the ICO against the financial services organisations with fines in excess of £7.5m levied across all industries.
The financial industry holds vast amounts of personal data and the ability to ensure its safety is coming under growing scrutiny with legislation set to tighten and penalties expected to increase in the near future under the proposed reforms to the EU General Data Protection Regulation.