Oct 1, 2018
Tesco Bank fined £16.4m over cyber attack
AFP Tesco Bank has been fined £16.4m by the UK financial regulator for failings surrounding a cyber attack on its customers in November 2016. Tesco Bank said the attack led to 34 transactions where funds were taken from customers' accounts. "The fine the FCA imposed on Tesco Bank today reflects the fact that the FCA has no tolerance for banks that fail to protect customers from foreseeable risks," he said. "In this case, the attack was the subject of a very specific warning that Tesco Bank did not properly address until after the attack started. This was too little, too late. Customers should not have been exposed to the risk at all." The FCA said cyber attackers had exploited deficiencies in Tesco Bank's design of its debit card, its financial crime controls and in its financial crime operations team.
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