Cyber bank robbery at British bank

Synopsis

As the English saying goes, remember, remember the 5th of November!

Tesco bank will, that's the date they experienced Britain's first cyber bank robbery. Customer funds were stolen by a group who were able to organise the theft from thousands of accounts in just a couple of hours. Described as "unprecedented" by the head of Britain's financial regulator. In response, the bank resorted to drastic emergency measures to limit the damage including suspending online transactions.

Cyber security experts said that the cyber attack was the most significant ever on a UK bank leading to fears a criminal network or even a foreign government were responsible and the bank enlisted the help of Britain’s newly established National Cyber Security Centre and National Crime Agency to assist with its investigation. This incident highlights the need for all banks to work together on cyber security in the interests of their customers and the financial system as a whole.

In October 2018, the UK's Financial Conduct Authority (FCA) fined the bank £16.4 million over the “largely avoidable” cyber attack.

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Analyst

Courtenay Brammar

Experienced global enterprise risk and governance professional. Previously Vice President at Morgan Stanley, Deloitte Risk Advisory practitioner and PRMIA steering committee member in both London and New York.

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