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Financial Services Authority
Data Security inFinancial Services
Firms’ controls to prevent data loss by their employees and third-party suppliers
Financial Crime and Intelligence Division
Foreword by the Information Commissioner 
April2008
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Data Security in Financial ServicesPage 1
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Iwelcome this report on the protection of customer data within the financial servicesindustry. It includes examples of good practice by some financial institutions whichothers could usefully learn from. However, I am disappointed – but not altogethersurprised – that the FSA has found that financial services firms, in general, couldsignificantly improve their controls to prevent data loss or theft.The blunt truth is that all organisations need to take the protection of customer datawith the utmost seriousness. I have made clear publicly on several occasions over thepast year that organisations holding individuals’ data must in particular take steps toensure that it is adequately protected from loss or theft. There have been several high-profile incidents of data loss in public and private sectors during that time which havehighlighted that some organisations could do much better. The coverage of theseincidents has also raised public awareness of how lost or stolen data can be used forcrimes like identity fraud. Getting data protection wrong can bring commercial,reputational, regulatory and legal penalties. Getting it right brings rewards in terms of customer trust and confidence.The financial services industry needs to pay close attention to what its regulator is sayinghere. But this report is also relevant to organisations outside the financial servicesindustrywhich hold data about private individuals. All organisations handlingindividuals’ data, in both the public and private sectors, could benefit from the goodpractice advice it contains.
Foreword by Richard Thomas,the Information Commissioner 
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