Tesco Bank Attack - ‘Unprecedented and Serious’ Hack Scrutinized

The1 Financial Conduct Authority chief executive has said that cyber attack causing a theft of money from around 20,000 accounts of Tesco Bank is "unprecedented and serious".

On Monday, drastic measure was taken by the Tesco Bank has of temporarily stopping all the online transactions when 40,000 customers experienced suspicious saving account transactions during the weekend. Around 20000 customers have found that hundreds of pounds have been stolen from their saving account.

One of the main features is penalty of around 4% of the organization's turnover; classified as 'data controller' suffering a breach of security.

Moreover, lawyers usually agree, even though poorly worded, that the GDPR intention in the diversified organisations case, such as Tesco, is that whole organization turnover can be used as the base for deciding the penalty.

"Millions of customers remain unnecessarily exposed to the risks of IT failures; including delays in paying bills and an inability to access their own money ... We can't carry on like this."

Independent.co.uk posted on November 8th, 2016, quoting Benny Higgins, Chief Executive of Tesco Bank, as saying that Tesco Bank is working with authorities for identifying all the people responsible for these.

Peter Roe of TechMarketView, analyst firm of IT, said that this seems to be most serious, and definitely the most evident among many difficulties faced by the banking sector of UK in the recent times. He further said that, "the number of accounts affected suggests that this is a systemic failure of security around Tesco's core database."

Benny Higgins, CEO of Tesco Bank, said during the weekend that "Tesco Bank can confirm that, over the weekend, some of its customers' current accounts have been subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently."

On Monday, all the online transactions are suspended by Tesco Bank after the customers began complaining about differences in their accounts during the weekend, which include maximum loss of 2000 Pound.

The bank assured to reimburse the customers losing money due to breach of security; however it will take a little bit of time for restoring the funds.

» SPAMfighter News - 11/14/2016