11
NOV
2016

Tesco Bank Cyberattack: £2.5m Payout for 9,000 Customers

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Smaller banks are being advised to tighten their cyber security after fraudsters stole £2.5 from Tesco Bank accounts.

Tesco Bank says it has resumed normal service for its customers after online transactions from current accounts were suspended because of a cyberattack.

Benny Higgins, the chief executive of Tesco Bank, has stressed that none of their customers’ personal information was stolen.

A cyber security expert has warned that small banks may be vulnerable to a cyberattack like that seen by Tesco Bank over the weekend. British authorities are currently trying to find the “root cause” of the breach, with the financial regulator describing the theft as “unprecedented”

There have been 75 attacks on financial institutions in Britain this year – up from just five in 2014. This dramatic increase in attacks is something that needs serious consideration from all businesses in all sectors.

For more information on Todd & Cue’s Cyber Liability Insurance, please contact our friendly team on 0191 482 0050. 

Source: (Sky News, UK, 9th Nov 2016, http://news.sky.com/story/tesco-bank-cyberattack-16325m-payout-for-9000-customers-10650617)
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