Tag: fines

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Tesco Bank fined £16.4 million for failing to protect account holders against an avoidable cyber-attack in 2016
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Data breach penalties could cost U.K. companies £122B in 2018

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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Data breach penalties could cost U.K. companies £122B in 2018

By Cameron Abbott and Rebecca Murray

U.K. businesses could face up to £122 billion in penalties for data breaches when EU legislation comes into effect in 2018, according the Payment Card Industry Security Standards Council (PCI SSC). The EU’s General Data Protection Regulation (GDPR) will introduce fines for groups of companies of to €20 million or 4% of annual worldwide turnover, significantly higher than the current maximum of £500,000. This means that if data breaches remain at 2015 levels, the fines paid to the European regulator could see a near 90-fold increase, from £1.4 billion in 2015 to £122 billion, the PCI SSC calculated. For large U.K. organisations, this could see regulatory fines for data breaches soar to £70 billion, more than a 130-fold increase, rising to an average of £11 million per organisation. Regulatory fines for SMEs could see a 57-fold increase, rising to £52 billion, averaging £13,000 per SME. Read more at ComputerWeekly.com by clicking here.

 

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