Archive: October 4, 2018

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Tesco Bank fined £16.4 million for failing to protect account holders against an avoidable cyber-attack in 2016

Tesco Bank fined £16.4 million for failing to protect account holders against an avoidable cyber-attack in 2016

By Cameron Abbott and Colette Légeret

The UK’s banking watchdog, the Financial Conduct Authority (FCA), has fined Tesco Bank, the banking arm of UK supermarket chain Tesco, £16.4 million (approximately AU$29.5 million) for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber-attack that occurred in 2016.

This cyber-attack affected thousands of account holders and netted the cyber-criminals £2.26 million (approximately AU$4.07 million) in 48 hours. It was described, at the time, as an unprecedented assault against a UK regulated bank.

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