Explore the latest news and trends  

Sign up for our weekly security newsletter

Be the first to receive important updates on security


Cybercrime Afraid of Upsurge after Hacking of Tesco Bank Data

Tesco has something to explain after a day of admitting that it was struck by a cyber robbery. Money was stolen from around 20,000 customers, out of around 40,000 customers who were targeted. Tesco was silent even on Tuesday regarding exact nature of hack - inside job, online break in, or combination of both.

Update was issued by the Tesco Bank, hours after the Financial Conduct Authority chief executive, Andrew Bailey, informed MPs that this incident was the first of its kind in UK and viewed as serious. Treasury select committee was informed by Bailey that "there are elements of this that look unprecedented and it is serious, clearly".

In some of the years, the bank's operating income is almost equal to quarter of Tesco's total income. The bank added that customers' data has not been compromised.

Reuters.com posted on November 8th, 2016, stating that the NCSC (National Cyber Security Centre), new govt. body, on Tuesday said that they are working with the Tesco and criminal investigators for understanding the nature of attack that was described "unprecedented" by financial regulator.

Tesco Bank claimed that it was continuously working closely with regulators and authorities in criminal inquiry. The NCA (National Crime Agency) is another organization scrutinizing the incident that has happened in the banking arm of the supermarket chain, which has over 7 million customers.

Scale of the breach was also unprecedented for any of the bank.

Cook added: "It's not a huge reputational body blow but I can pretty much say if you went into the high street now and said, 'Would you bank with Tesco after what's happened overnight?" most of the people will probably say "No."

Tesco says that it is working fast for repaying lost money to all its customers. Now it must be ensured that there is no repetition of this type of incident, or else it could earn a bad reputation.

Conservative MP and Treasury select committee chairman, Andrew Tyrie, said after hearing that "the attack on Tesco's retail accounts is deeply troubling. Banks have a long way to go to improve the resilience and security of their IT systems".

» SPAMfighter News - 11/16/2016

3 simple steps to update drivers on your Windows PCSlow PC? Optimize your Slow PC with SLOW-PCfighter!Email Cluttered with Spam? Free Spam Filter!

Dear Reader

We are happy to see you are reading our IT Security News.

We do believe, that the foundation for a good work environment starts with fast, secure and high performing computers. If you agree, then you should take a look at our Business Solutions to Spam Filter & Antivirus for even the latest version of Exchange Servers - your colleagues will appreciate it!

Go back to previous page