Up to 245,000 UK customers have had their details stolen in a major payday loan data breach

Up to 245,000 UK customers have had their details stolen in a major payday loan data breach

In what is being called one of the worst data breaches ever in the UK, a payday loan company encountered a data breach affecting up to 245,000 customers. The breach will not only affect the company's stock, but have an even greater impact on the reputation of the company and how it treats its customers, not to mention their data.

The company will be fined up to £500,000 by the ICO with additional fines being levied by the FCA. The last time FCA stepped in on such an issue was in 2014 when they fined the Royal Bank of Scotland £56 million for the customer data they lost after a particularly bad cyberattack.

Financial companies and companies in general need more than ever to ensure that they take sufficient measures to protect their customers’ data. Only late last year a UK bank experienced a theft of over £2.5 million, against 9,000 customer accounts. The breach involved the bank’s internal systems, with the bank facing a fine of up to £2 billion under the upcoming EU General Data Protection Regulation (GDPR).

Thales Certified Partner

SSL247® partners with Thales, an industry leader providing everything you need to protect and encrypt your data, identities and intellectual property.

Thales has over 40 years’ experience securing the world’s most sensitive information. Their customers—businesses, governments, and technology vendors with a broad range of challenges—use Thales products and services to improve the security of applications that rely on encryption and digital signatures.

By protecting the confidentiality, integrity, and availability of sensitive information that flows through today’s traditional, virtualised and cloud-based infrastructures, Thales helps organisations reduce risk, demonstrate compliance, enhance agility, and pursue strategic goals with greater confidence.

All Thales solutions meet regulatory compliance with GDPR.

SSL247® and Thales can help you comply with the critical Article 32 and 34 GDPR rules related to:

  • The pseudonymising and encryption of personal data;
  • Assessing the effectiveness of your security measures;
  • The unauthorised access to personal data.

Vormetric Data Security Platform

The Vormetric Data Security Platform by Thales provides a state of the art data protection solution specified under GDPR.

Using Vormetric's encryption, your organisation can render private data unintelligible to a cyber-intruder even in the event of a breach, thereby avoiding the breach notification requirement outlined in Article 34 of GDPR.

Thales Vormetric Data Security Manager

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