It's understood that the organisation wants to start a full investigation into how the database hack was allowed to happen.
On Wednesday it emerged that the eBay database containing customer names, dates of birth, encrypted passwords and full contact details was compromised after hackers stole some eBay staff identities.
A statement on ICO's website says: "We're actively looking at this situation, with a view to ensuring a full investigation takes places. On the face of it, this is a very serious breach.
In addition to the UK investigation, Connecticut, Florida, Illinois plus the Federal Trade Commission of the US have all already launched their own investigation into the database break-in.
The online auction house moved swiftly to protect customer details by putting a post on their website urging every user to change their password as soon as possible.
They were supposedly meant to be sending emails out to every single eBay user insisting that they change their password, but multiple users are reporting that they have yet to receive any contact from the company.
This could be a cause for concern as not every user would have seen the Wednesday reports and thus their private information may still be vulnerable.
If you haven't done so yet it's imperative that you change your password for eBay and any other online account that uses the same password.