Tesco Bank has agreed to pay £16.4m ( $21.45m ) as part of a settlement with UK regulator FCA (FCA) relating to a today 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 Tesco stated that the fraud, which saw the cyber-attackers gain £ £16.4m m, exploited “deficiencies” in the bank’s debit card design and financial crime controls. Customers should not have been exposed to the risk at all. 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 FCA (FCA) relating to a today 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 Tesco stated that the fraud, which saw the cyber-attackers gain £ £16.4m m, 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.