Financial Conduct Authority fines Tesco Bank £16.4m over 2016 security breach

Financial Conduct Authority fines Tesco Bank £16.4m over 2016 security breach

6 years ago
Anonymous $oIHRkISgaL

https://www.theregister.co.uk/2018/10/01/fca_fines_tesco_bank_164m_for_2016_security_breach/

The Financial Conduct Authority (FCA) has slapped a £16.4m fine on Tesco Bank for the security vulnerabilities that led to millions of pounds being pilfered from thousands of customers’ online accounts two years ago.

As revealed by us at the time, Tesco called on the National Cyber Security Centre to probe the 5 November 2016 attack that ultimately saw a total of £2.26m stolen from 9,000 customers accounts over 48 hours. Tesco had been forced to suspend online and contactless transactions in the immediate aftermath of the breach as it probed the root cause.

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