Tesco Bank has been fined £16.4m by the UK financial regulator for failings surrounding a cyber-attack on its customers in November 2016.
The Financial Conduct Authority said the bank had failed to exercise due skill, care and diligence in protecting its personal current account holders.
The fraudsters got away with £2.26m. Tesco Bank said all the money had been refunded to account holders. It added it was “very sorry” for the impact the attack had had on customers.
‘Too little, too late’
The FCA said that the attack had been largely avoidable and that Tesco had not responded to it with sufficient rigour, skill nor urgency.
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