Financial services organisations have reported a three-fold increase in self-reported cyber-related personal data breaches to the Information Commissioner's Office (ICO), according to figures obtained through the Freedom of Information Act. The total number of cyber security breaches affecting personal data reported in the last two years was almost 1,000, with 731 breaches reported between June 2022 and June 2023, compared to 261 cases between June 2021 and June 2022. The ICO has yet to fine any financial services companies under either (EU or UK) General Data Protection Regulation (GDPR). Commenting on the statistics, Jon Baines, Senior Data Protection Specialist at Mishcon de Reya, said: "Although the ICO has not tended to issue fines for failings in this area, the increase in reported incidents could – and possibly should - lead to a review of that approach."
What is this page?
You are reading a summary article on the Privacy Newsfeed, a free resource for DPOs and other professionals with privacy or data protection responsibilities helping them stay informed of industry news all in one place. The information here is a brief snippet relating to a single piece of original content or several articles about a common topic or thread. The main contributor is listed in the top left-hand corner, just beneath the article title.
The Privacy Newsfeed monitors over 300 global publications, of which more than 4,350 summary articles have been posted to the online archive dating back to the beginning of 2020. A weekly roundup is available by email every Friday.