Tesco Bank fined £16.4m by watchdog over cyber-attack
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.”
Industry: Cyber Security News
- Enterprise Business Development Director
- Up to £80,000 + Uncapped OTE
Our client, a Global Managed Service Provider, is seeking an Enterprise Business Development Director who will be responsible for scoping, identifying, creating and driving revenue growth across Europe and Asia at C level in the enterprise market. The Enterprise Business Development Director will need: Experienced in selling high value (multimillion) Managed Services and SDWAN to large enterprise parties· Have the ability to scope, identify and sell high value and complex managed solutions Extensive experience of commercial principles and contract negotiations with new global clients. Consistency of tenure in current and recent job roles Managing presentations, negotiations, and responsible for development/nurturing of the client relationship. Reference Number: BD7371
- Technical Design Authority (Telecoms, SDWAN, IOT, WAN, Hosted Services)
- Up to €90,000 plus car, bonus and benefits
Location: Frankfurt Technical design Authority is required to help lead a number of key client Migrations projects for this tier 1 Telecom company, the main role for the TDA is helping customers migrate to new services, with a focusing on hosting (AWS, Azure) SWWAN and IOT. You will be responsible for: Post sales design documentation, implementation and migration of complex solutions for managed enterprise customers. Complex solutions consist of multi-product services. The TDA’s role is to ensure that these services interoperate and integrate into the customer environment. Such products consist of but not limited to MPLS, Ethernet, IPSec VPN’s, VoIP, Video Conferencing, Wireless, Internet, Private DSL, WAN Optimization, Managed Security Services, Managed Hosting, SDWAN and Complex Migration Planning. The TDA will own the technical delivery of customer solutions and will be the technical interface between the customer, product teams and project management during service delivery. Close engagement with pre-sales, technically validating solutions proposed are deliverable and all technical aspects are clearly defined prior to contract signature. The TDA accepts technical ownership of the solution at the point of contract signature. Lead customer facing technical workshops requiring excellent communication with the ability to articulate technical concepts clearly to all levels of competency. Providing support to 3rd line teams for OEM and design related faults. You will need to be at CCIE level (ideally CCIE R&S or SP ) with strong low level design and deployment skills, comfortable in front of customers and leading customer meeting. Fluent German is required. Knowledge in SDWAN and Hosted services would be advantageous. Reference: RA7302
- Big Data Architect
- £70,000 + Benefits
A Big Data Architect is required for a leading Google Cloud partner. The Big Data Architect will be responsible for advising external customers(FTSE100) on Big data storage and transformation requirements on the Google Cloud platform. You will get the chance to be at the forefront of technology, regularly involved with Google Alpha tests – You will be shaping the future of google tech. Experience required; Public Cloud Architecture – Ideally Google but will consider people with an Azure or AWS background who are looking to move into GCP. Experience with Big Enterprise Data – Set ups, Flows, Pipelines etc. Strong SQL understanding – DataBase, Data Residency. Candidates must be based and eligible to work in the UK without sponsorship as our client do not have the ability to sponsor. Reference Number: PG7347
- NetIQ Consultant (Contract)
- £600 Per Day
A NetIQ Consultant is needed for a 6 month engagement in London. The NetIQ Consultant will be responsible for Designing, Configuring & Implementing Micro Focus Operations Centre & eDirectory Solutions. Required skills and experience Current experience with Micro Focus Operations Centre & eDirectory. SC Clearance is needed due to the nature of work. Reference Number: CH7363