Tesco Bank has agreed to pay £16.4m ($21.45m) as part of a settlement with UK regulator the Financial Conduct Authority (FCA) relating to a 2016 cyber attack. The FCA said it had found that Tesco Bank, which is owned by Tesco, failed to take adequate action after discovering an attack on its systems in 2016. The FCA stated that the fraud, which saw the cyber-attackers gain £2.26m, exploited “deficiencies” in the bank’s debit card design and financial crime controls. However, the FCA confirmed that, following the attack, the bank immediately took action to counter such deficiencies.
Tesco Bank has agreed to pay £16.4m ($21.45m) as part of a settlement with UK regulator the Financial Conduct Authority (FCA) relating to a 2016 cyber attack. Tesco claimed that the attack did not result in the loss or theft of customers’ data, but did lead to funds being debited from accounts and to the disruption of normal service. The FCA stated that the fraud, which saw the cyber-attackers gain £2.26m, exploited “deficiencies” in the bank’s debit card design and financial crime controls. However, the FCA confirmed that, following the attack, the bank immediately took action to counter such deficiencies.