FCA fine Tesco Bank over cyber breach

0
632
FCA fine Tesco Bank over cyber breach

FCA fine Tesco Bank over cyber breach for £30m as it failed to prevent a cyber attacks that affected thousands of customers in 2016

  • Tesco Bank is a British retail bank which formed in 1997 and owned by Tesco plc since 2008
  • Financial Conduct Authority (FCA) quotes the incident an unprecedented and serious cyber attack
  • Money stolen from over 40,000 customer accounts and Tesco’s systems was down for two days
  • Customers unable to make any transactions during that period
  • The fine facing Tesco’s is unlikely to exceed that figure and agreed within a number of weeks according to reports