National Crime Agency launches criminal investigation over Tesco Bank fraud attack November 8, 2016 The National Crime Agency (NCA) has launched a criminal investigation into the recent fraud attack on Tesco Bank. The National Cyber Security Centre (NCSC) said it was working with the NCA and Tesco Bank, as well as other groups, and said it was "providing direct assistance to the company at their request, including on-site assistance". Tesco Bank uncovered [...]
Bletchley Park to house the UK’s next generation of cyber talent November 24, 2016 Renowned World War II codebreaking site Bletchley Park is going to play host to the next generation of the UK’s cyber experts. Under plans announced today the site is to be refurbished as country’s first National College of Cyber Security, with the first cohort of 16-19-year-olds expected from September 2018. The free-to-attend school will take on [...]
An epidemic of fraud costs the UK economy as much as £125bn every year February 15, 2017 An epidemic of fraud since the global financial crisis has cost the UK economy £125bn every year, according to new research. Business losses from fraud and error have increased by 43 per cent since 2008, according to the research by Crowe Clark Whitehill and the University of Portsmouth’s Centre for Counter Fraud Studies. The research [...]
Tesco Bank fraud tars UK financial image, warns home secretary Amber Rudd November 10, 2016 Scandals like the recent cyber attack on Tesco Bank risk damaging the UK's prized financial reputation, the home secretary has warned today. Speaking at a conference hosted by the Financial Conduct Authority (FCA), Amber Rudd cautioned that public confidence in financial institutions was rocked when such incidences occurred and the government saw cyber crime as a [...]
The financial sector contains all the elements to make it the perfect target for cyber crime May 15, 2016 Telecomms giant Talk Talk and affairs facilitator Ashley Madison may have made headlines when they suffered data breaches last year, but a report due out on Tuesday will warn that the financial sector is the real top target for cyber attacks. The study by Marsh and TheCityUK will explore the extent of the risk that cyber crime poses to the City [...]
Tesco Bank’s chief exec says lenders don’t pay customers enough interest on current accounts February 2, 2017 The boss of Tesco Bank has hit out at high street rivals, claiming they make billions of pounds by skimping on the rate of interest paid to customers. Benny Higgins, who led the lender through a mammoth cyber attack on Tesco Bank last November, said the amount of switching between providers remains "stubbornly low", something lenders [...]
Man pleads guilty to TalkTalk hack involvement at Old Bailey, as teenager gets 12-month youth rehabilitation order December 13, 2016 A man has today pleaded guilty to being involved in hacking TalkTalk customers' accounts in 2015. Daniel Kelley, 19, submitted his plea at London's Old Bailey this afternoon. Earlier today, a 17-year-old who admitted to hacking offences related to the 2015 data breach was handed a 12-month rehabilitation order and had his iPhone and PC hard [...]
Boards still in denial over cyber risk, as bosses keen to pass the buck November 14, 2016 Boards still have their heads buried in the sand when it comes to cyber security, a new survey has found. The research commissioned by NCC Group, and seen exclusively by City A.M., found that just 13 per cent of chief executives thought they needed to take responsibility for the level of cyber risk in their company. [...]
Tesco Bank’s perception goes into the red after security breach November 16, 2016 Last week, news broke of a security breach which compromised the accounts of Tesco Bank customers. It was reported that £2.5m had been stolen from 9,000 customer accounts, with the worst affected losing up to £1,500. In the immediate aftermath, the company suspended online and contactless transactions. YouGov brand tracking data shows us how the [...]
Cybersecurity is a growing risk for businesses, as firms fret about the damage an incident could cause to their reputation January 13, 2016 Companies are becoming increasingly concerned about the impact cyber attacks could have on their business, particularly the effect they could have on their reputation. According to a survey of more than 800 risk managers and insurance experts from around the world released today by Allianz, cyber incidents ranked as the top risk to businesses in the [...]