Loans.co.uk has reportedly contacted police regarding the possible theft of thousands of customers' personal details

UK firm, Loans.co.uk has reportedly contacted police regarding the possible theft of thousands of customers' personal details.

Customers with Loans.co.uk have already been informed about the theft and potential risk.

The Information Commissioners Office (ICO) will now investigate the data breach.

“The loans.co.uk data theft should act as a wake up call to businesses throughout the country to adopt stricter measures and working practices to protect confidential data.

Paul Skinner, senior ICT underwriting specialist at Chubb Insurance

Paul Skinner, senior ICT underwriting specialist at Chubb Insurance commented on the loans.co.uk data theft: “The loans.co.uk data theft should act as a wake up call to businesses throughout the country to adopt stricter measures and working practices to protect confidential data. Companies that fail to meet the requirements of the Data Protection Act, not only face the threat of action from the Information Commissioner, but also run the risk of losing the trust and confidence of their customers.

“The ICO has made it clear that breaches are unacceptable and that violations are likely to result in criminal prosecution in the future. With the ICO calling for stronger powers, this is likely to become an increasingly common scenario, especially if legislation makes it compulsory for companies to give notification of a breach.

“This is a classic case of what can happen if strict practices and procedures are not put in place and constantly audited or alternatively are simply not followed. As any subsequent consequences of the breach may not be insurable it should act as a stark reminder to companies to ensure that this type of incident is covered by their insurance policy and to review their risk management policies accordingly.”

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