Tesco Bank Cyber Attack Leads to $21 Million Settlement in U.K.

The U.K. financial regulator fined Tesco Plc’s banking arm 16.4 million pounds ($21 million) for failures that allowed cyber attackers to steal funds.

The 48-hour hack in November 2016 was “largely avoidable” and took place because the thieves took advantage of weaknesses in the design of the bank’s debit card, its financial-crime controls and its Financial Crime Operations Team, netting the criminals 2.3 million pounds, the Financial Conduct Authority said Oct. 1 in a statement.

“The attack was the subject of a very specific warning that Tesco Bank did not properly address until after the attack started,” said Mark Steward, ...