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Tesco Bank to deal with fine from FCA

The biggest retailer in Europe faces charges from the record of UK financial watchdog regarding a Cyber Attack that occurred in 2016.

Tesco is looking at over £30 million worth penalty sent by the Financial Conduct Authority (FCA)  to their company- regarding reports that FCA got from the UK watchdogs. The firm is also investigating whether the company has exposed its customers to fraud.

The cyber attack that Tesco had suffered from happened November of the year 2016. It has affected over 50,000 customers which were then concluded to be just 50. The attack caused the company to repay £2.5 million in losses- making it UK’s biggest cyber attack fine.

Tesco is hoping that the fine would not exceed up to £20 million and is hoping that the matter would be resolved immediately. The fine that the FCA will be charging the company is considered as the first ever cyber attack related penalty.

The firm also hit RBS in 2014 fining them to over £42 million but the incident was from an IT outage.

ICO which was the one who conducted the fine for Equifax- after being involved in a massive data breach recently, is speculated to be the one conducting the investigation towards Tesco but up to now is unclear if they are really doing so.

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