Payday lender Trusted Quid has become the latest organization to suffer a reported data breach which affected 66,000 of its customers.
Over a two-year period, critical and sensitive data was stolen and included loan information, bank account information, employment statuses, birth dates, addresses and phone numbers.
The company released the following statement: "There has been a theft of data from unauthorised access to the Trusted Quid website."
"The incident relates to data directly entered by people applying for a loan only on the Trusted Quid website between 1 July 2016 and 17 February 2018.
In response to the attack, Trusted Quid has set up a free helpline where customers are able to gain advice from cyber security specialists on how to reduce the impact of the breach.
Trusted Quid customers will now find the name of the company somewhat ironic, given their information has been pilfered. Recovering from the fallout of a data breach is obviously one of the great question marks that loom over a company once it has been breached. How can customers continue to put their faith in an organization regarding the safety of their critical data? The impact of a cyber attack can be measured in financial costs, but one thing that cannot be measured is the damage caused to the reputation of the company.
Data security needs to be recognized as an important component in the everyday working of a company. This will certainly be a requirement under GDPR which becomes law in May 25th of this year. Failure to oblige, and companies will be severely punished with steep fines of up to 4% of the businesses global annual turnover for the misuse and handling of EU citizen critical data.
Going forward, if organizations are seeking the complete solution to both GDPR compliance and data security, then the eperi Gateway should be strongly considered. To learn more, click here.
Article Source: The Sun
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