Tesco Bank gets fined over cy­ber-hack­ing

The Phnom Penh Post - - BUSINESS -

BRI­TAIN’S Tesco Bank has been fined £16.4 mil­lion ($21.4 mil­lion) for fail­ing to pro­tect cus­tomers dur­ing a 2016 cy­ber at­tack, reg­u­la­tors said Mon­day. The su­per­mar­ket’s bank divi­sion failed “to ex­er­cise due skill, care and dili­gence in pro­tect­ing its per­sonal cur­rent ac­count hold­ers against a cy­ber at­tack”, the Fi­nan­cial Con­duct Author­ity said in a state­ment. The at­tack­ers net­ted £2.26 mil­lion dur­ing the 48-hour in­ci­dent in Novem­ber 2016, ac­cord­ing to the watch­dog. The at­tack “ex­ploited de­fi­cien­cies” in the de­sign of Tesco Bank’s debit card, as well as its fi­nan­cial crime con­trols and fi­nan­cial crime op­er­a­tions team, it said. Tesco Bank cus­tomers were there­fore left vul­ner­a­ble to what the reg­u­la­tor de­scribed as a largely avoid­able in­ci­dent.

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