Tesco Bank theft shows need to take cyber security more seriously
"Cyber theft from 20,000 compromised Tesco Bank current accounts shows traditional approaches to security are not working and that companies are not taking the threat seriously enough, according to experts.
Tesco Bank halted online banking after 40,000 current accounts were compromised and half of those were hit by fraudulent transactions by hackers at the weekend.
Tesco Bank's chief executive Benny Higgins said the bank knows exactly what the attack was, calling it ‘systematic’ and ‘sophisticated’, but gave no details as the matter is still part of a criminal investigation.
That investigation is being led by the UK’s National Crime Agency (NCA), while the Information Commissioner’s Office (ICO) is looking into whether the bank is doing enough to secure personal data.”
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