The U.K. Financial Conduct Authority has fined Tesco Bank 16.4 million GBP over its 2016 data breach, Reuters reports. The FCA found Tesco failed to safeguard customers’ information from the “foreseeable” cyberattack, which resulted in the hackers stealing 2.26 million GBP. Tesco accepted the FCA’s findings and agreed to the settlement, noting it has updated its security measures following the incident. “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,” FCA Executive Director of Enforcement and Market Oversight Mark Steward said in a statement. “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.”
If you want to comment on this post, you need to login.