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Financial watchdog fines Equifax Ltd £11 million for role in one of the largest cyber security breaches in history

Nikesh Pandit acts for FCA in enforcement action concerning one of the largest cyber security breaches in history.

The enforcement action, which resulted in an £11 million fine against an FCA-authorised subsidiary, highlights the FCA’s expectations in terms of effective cyber security arrangements. FCA-authorised firms must keep systems and software up to date and fully patched to prevent unauthorised access, and remain responsible for data they outsource. When an FCA-authorised firm becomes aware of a data breach, it is essential it promptly notifies affected individuals in a way which is fair, clear and not misleading and implements fair complaints handling procedures.

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