According to a recent FOI request and a research conducted by Egress Software Technologies, leading banks including Barclays, HSBC, Lloyds Banking Group, RBS and Santander are named as reporting breaches, with human error said to be responsible for 93% of cases. Since the start of 2013, 791 security breaches have been logged – a 183% rise.
However, the British Bankers Association (BBA) hit back and labelled the report misleading. The body which represents banks, says the data should be viewed in context, given the large online presence of banks through internet banking and mobile apps - something not prominent in the legal sector.
It added that banks have a responsibility to send out reports when data has been accidentally compromised. It is not obligatory for companies to report data breaches to the ICO. However, this could change in the near future with planned European regulation.
The BBA argues the increase in reports actually indicates that banks compliance checks are working effectively and breaches are being identified and reported.
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