Tesco Bank fined £16.4m by watchdog over cyber-attack
![Cyber Security](/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBMVY3RGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--f7f8aa009daade2cb621d0b571300d42ec968b13/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2QzNKbGMybDZaVWtpRFRjMU1IZzBOVEJlQmpzR1ZBPT0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--9a8cb233bbd899661209fac1218cb930366c2398/hammer_1537123_1920.jpg)
Tesco Bank has agreed to pay £16.4m as part of a settlement with the Financial Conduct Authority following a cyber-attack in 2016.
Tesco said the attack did not involve the theft or loss of any customers’ data, but led to 34 transactions in which funds were debited from accounts, and other customers having normal service disrupted.
The FCA said the fraud netted cyber-attackers £2.26m, exploiting “deficiencies” in Tesco Bank’s design of its debit card, its financial crime controls and in its financial crime operations team.
But it added that, following the attack, Tesco Bank immediately put in place a “comprehensive redress” programme and devoted significant resources to improving the deficiencies that left the bank vulnerable to the attack.
Had Tesco Bank not provided a high level of cooperation to the FCA and agreed to an early settlement, the watchdog would have fined the lender £33.56m.
The Tesco Bank chief executive, Gerry Mallon, said: “We are very sorry for the impact that this fraud attack had on our customers. Our priority is always the safety and security of our customers’ accounts and we fully accept the FCA’s notice.
“We have significantly enhanced our security measures to ensure that our customers’ accounts have the highest levels of protection. I apologise to our customers for the inconvenience caused in 2016.”
Mark Steward, the executive director of enforcement and market oversight at the FCA, said: “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.
“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.
“Banks must ensure that their financial crime systems and the individuals who design and operate them work to substantially reduce the risk of such attacks occurring in the first place.
“The standard is one of resilience, reducing the risk of a successful cyber-attack occurring in the first place, not only reacting to an attack.”
Source theguardian
Industry: Cyber Security News
![Banner Default Image](https://www.dclsearch.com/rails/active_storage/blobs/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBdytMRGc9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--683221fba4088f48e5f9c99e2719b73064c09cee/banner-default.jpg)
Latest Jobs
-
- Network & Security Consultant
- Spain
- Upto €54000 per year and benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred)for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.
-
- Security Analyst - Internal role. London commutable. £50,000
- London
- £50,000
-
Security Analyst - Internal role. London commutable opportunity. Operational Security - Investigate, escalate and proactively work to ensure household name remains protected. Project Security - Coordinate, log change requests with project delivery teams to meet security requirements Policy / compliance - work with team to aid in uplifting these as and where needed This role is role to investigate, escalate and proactively work to protect a globally recognised brand. You must have current hands on operational analytical security experience with Microsoft technology stack Someone with a SOC Analyst / security engineering background would be well suited. This position will join a small team and would suit someone that has broad experience across the security threat landscape. Experience / knowledge across industry GRC standards such NIST, ISO27001 etc would be advantageous. You will work across multiple teams proactively working to secure the business. Must be able to commute to Central London 3 days a week. Visa sponsorship not available Apply today to find out more.
-
- Network & Security Consultant
- Romania
- €54000 plus benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred) for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.
-
- Network & Security Consultant
- Hungary
- Upto €54000 per year and benefits
-
Senior Network & Security Engineer to join a Managed Network & Security Team in Europe. In this critical role, you will: Play a pivotal role in managing and securing network infrastructure across datacenters, customer connections, and on-premise deployments. Proactively monitor network and security devices, analyse incidents, and implement solutions to ensure optimal performance and security. Collaborate with colleagues and customers to troubleshoot issues, troubleshoot outages, and implement effective resolutions. Lead and participate in network system installations for new facilities and expansions. Develop and maintain network infrastructure procedures, recommend technical strategies, and propose improvements to enhance network capabilities. Stay up-to-date on the latest network and security technologies and trends. Work as part of a collaborative international team, contributing to team presentations and knowledge sharing. To be successful, you'll need: Proven expertise in Cisco network solutions (CCNP R&S/Sec/Wireless preferred) for both BAU and project work. In-depth knowledge of network security principles and experience with Fortinet firewalls. Experience deploying and managing large, complex network infrastructure (routing, switching, wireless, security). Solid understanding of ITIL v3 framework for incident, change, and problem management. Excellent troubleshooting skills with experience using Wireshark or similar protocol analysers. Strong communication and teamwork skills, with the ability to work independently and collaborate effectively.