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Barclays bank fined £2.28million over data loss

Barclays bank fined £2.28million over data loss

posted in Product ● 30 Dec 2013

Barclays Bank has been fined £2.28million for failing to adequately store data over a 10 year period.  US financial regulator, Finra, administered the fine as Barclays failed to store data regarding orders, confirmation of trades and records of accounts in a satisfactory manner as well as not storing proper electronic records of emails and messages. Finra also found that Barclays did not take measures to prevent information stored from being altered or destroyed. “Ensuring the integrity, accuracy and accessibility of electronic books and records is essential to a firm’s ability to meet its compliance obligations,” said Finra’s enforcement chief, Brad Bennett.

It is imperative that companies understand their duty to securely store and protect data to comply with the Data Protection Act. Numerous cases where companies fail to do so result in heavy fines, revenue loss and long term reputational damage. This is demonstrated by Barclays who have already been fined over £200million this year and are expected to be fined a further £50million by the UK’s Financial Conduct Authority.

Redstor’s Online Backup service protects the data of over 10,000 UK customers and can guarantee data stored will not be compromised. We store data in 2 geographically separate UK locations and once the data is on our platform it remains encrypted at all times. Security and data protection are at the forefront of Redstor’s offerings and we promise full compliance with the Data Protection Act. Redstor’s range of secure, encrypted services for the public and private sectors ensure that the burden of maintaining compliance with the Data Protection Act is made easier and can be achieved more cost-effectively. Our Offsite Backup service ensures data is safely backed up offsite in an encrypted format. Our cloud sync and share service, Centrastor, enables organisations to store and share files securely online from any device with an Internet connection and our CentraStage service enables support providers to guarantee that devices they support are regularly audited, patched and safely up-to-date for effective centralised device management. Our Virtual Disaster Recovery service guarantees to have your systems up and running within minutes following a disaster. To find out more about our services and how we can help you comply with data protection laws and prevent data leakage, please contact us either by giving us a ring on 01189 515 200 or emailing [email protected].

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