Tesco Bank theft shows UK Business needs to take cyber security more seriously

Tesco Bank compromise should act as a wake up call to UK businesses to take cyber security more seriously, says security industry commentators.

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.

Although the bank has promised to cover all losses, shares in Tesco dipped 1% amid predictions that the brand could be damaged by the security breach, according to the BBC.

The attack on Tesco Bank is the latest in a series of cyber attacks that shows that financial information is not being sufficiently protected by the traditional security measures which fail in the face of an ever-evolving threat, according to Andrew Tschonev, technical specialist at security firm Darktrace.

“With attackers targeting everyone and anyone, today’s businesses cannot safely assume that it won’t happen to them,” he said, underlining the need for the capability to respond to malicious activity before serious damage is done.

Full Computer Weekly article here; Computer Weekly News - Tesco Bank Theft…

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