Action Urged As Breach Reports Swell In Financial Sector

The number of data breaches reported by UK financial services firms and banks has more than doubled in the last two years.

A freedom of information (FOI) request to the Information Commissioner’s Office (ICO) named American Express, MasterCard and Barclaycard alongside big banks including Lloyds, Barclays, HSBC and Santander as reporting breaches.

Figures show 576 reports in 2014/15, compared with 206 in 2013/14. Human error is said to be the cause in 93 percent of cases.

Since the start of 2013, 797 Data Protection Act (DPA) breach investigations have been reported — a 183 percent rise.

Encryption company Egress Software Technologies was behind the FOI request.

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