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."
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