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FCA gets tough on cyber attacks as Tesco Bank faces record fine

Cyber SecurityThe FCA is considering fining Tesco’s banking arm with a record fine of more than £30m for a previous cyber security-related incident.

Sky News reports the fine relates to an incident in which criminals attacked the company’s online service in an attempt to steal customers’ money.

In November 2016, Tesco Bank’s online service was attacked by cyber criminals, which led to a number of Tesco Bank’s customers losing their savings.

The company initially estimated that 40,000 people were affected in the attack but later changed its calculations to 20,000. The business finally concluded that the attack had less than 50 victims and refunded all of them within days.

Tesco Bank eyes entry into the broker market

Sky News reports that the penalty figure is subject to negotiations between Tesco Bank and the watchdog.

The regulator might be looking to impose such a large penalty as a warning to other firms, which could potentially endanger their customers if targeted by hackers, according the Sky News’s sources.

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