Insights on outsourcing and other lessons from a data breach – the UK FCA perspective

On 13 October 2023, the UK Financial Conduct Authority (FCA) published its press release and Final Notice to Equifax Limited (Equifax Ltd), the UK subsidiary of US company Equifax Inc, in relation to a major 2017 data breach which affected over 13.7 million UK consumers. The FCA determined that the firm had breached Principles 3, 6 and 7 of its Principles for Businesses and imposed a fine of over £11m on Equifax Ltd. The firm agreed to resolve the matter and so qualified for a 30% discount for early settlement. Continue reading