FCA considers fining Tesco Bank over cyberattack

Tuesday 25 September 2018 10:52 CET | News

The Financial Conduct Authority, Britain’s finance watchdog, is considering fining the banking arm of Tesco more than GBP 30 million over a 2016 cyberattack, Reuters cited Sky News.

Tesco Bank is contesting the scale of the FCA’s proposed penalty and is in active negotiations with the watchdog about it, Sky reported, citing a legal source. A “substantially lower” sum could be agreed within the next few weeks, Sky added, citing a source.

In November 2016, the retailer’s banking arm said GBP 2.5 million had been stolen from 9,000 customers in what cyber experts said was the first mass hacking of accounts at a western bank.

Tesco Bank and the FCA declined to comment.

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Keywords: Financial Conduct Authority, UK, banking, Tesco, cyberattack, fine
Countries: World

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