Finance & Economics

Italy Privacy Watchdog Fines Unicredit

In Italy, the local data protection authority fined the bank UniCredit.

Italy Privacy Watchdog Fines Unicredit

The mentioned financial institution was fined 2.8 million euros ($3.1 million). The Italian regulator made the corresponding decision due to the breach case of the bank’s customer data in 2018. This incident affected thousands of active clients of the financial institution at that time and former consumers of lender’s services.

The bank announced its intention to appeal the regulator’s decision in court. The financial institution justifies its position of disagreement with the point of view of the watchdog regarding the incident that occurred in 2018 by the fact that as a result of the data leak, the personal information of customers was not compromised. Also in this context, the bank draws attention to the fact that the occurrence was resolved as soon as possible.

The regulator stated that financial institutions should take all necessary technical and organizational measures to prevent the illegal theft of consumers’ personal information. The watchdog also underlined the importance of solutions related to security at the preventive level.

The regulator noted that a massive cyberattack on the UniCredit mobile banking platform in 2018 caused unauthorized access to the names, tax, and other identification codes of approximately 778,000 customers of a financial institution, including those who stopped consuming the lender’s services at the time of the incident.

UniCredit representatives stated that the security of client’s personal information is a top priority for the bank. The financial institution invests 2.8 billion euros annually to implement measures to ensure the protection of customer data.

As we have reported earlier, UniCredit Shares Demonstrate Growth.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.