Nationwide Building Society

United Kingdom: (Feb-20-07) The Financial Services Authority (FSA) filed a complaint and fined the Nationwide Building Society claiming that the institution failed to have effective systems and controls to manage its information security risks. The fine is directly connected to the 2006 theft of a Nationwide laptop from an employee's home. Nationwide has not declared as to how much information was on the stolen laptop, but an investigation showed that the theft resulted from a lack of adequate information security procedures and controls in place, potentially exposing its customers to an increased risk of financial crime. Nationwide paid £980,000 as a fine to FSA, nearly $2 million US. [INFORMATION WEEK: SECURITY BREACH]

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