Industry news

FSA calls for greater data security

The Financial Services Authority (FSA) has called on organisations in the UK to pay greater attention to securing data to ensure fewer people become victims of fraud.

A review conducted by the firm found that while some of the 39 firms it surveyed followed good practices, a number continue to underestimate the potential risks of data loss and fraud.

Philip Robinson, director of the FSA’s financial crime and intelligence division, said that it is "worrying" that many firms are failing to take the risk of identity theft as seriously as they ought to.

"Customers have a right to be confident that firms are doing everything reasonably possible to keep their personal and financial details safe," he stated.

Among the examples of good practice found during the review were encrypting laptops and appointing managers responsible for data security.

There have been a number of instances of data loss in recent months, including the loss of laptops by several government departments and financial institutions.