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U.K. Bank Fined $1.9 Million For Losing Laptop

A major financial institution in the United Kingdom was slapped with a nearly $2 million fine for failing to adequately protect customer information.

The Financial Services Authority fined the Nationwide Building Society £980,000 for failing to have effective systems and controls to manage its information security risks. The fine is directly connected to last year's theft of a Nationwide laptop from an employee's home.

Nationwide is a financial institution owned and run by its members. It's reportedly the U.K.'s fourth largest mortgage lender and second largest savings provider. The FSA is an independent organization that oversees the financial services industry in the United Kingdom.

The financial institution hasn't said how many customers' information was on the stolen laptop. Banking executives have said that the bank would contact its 11 million members to educate them on what security steps they should take to protect themselves.

During its investigation, the FSA found that the building society didn't have adequate information security procedures and controls in place, potentially exposing its customers to an increased risk of financial crime, according to a release on its Web site.

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