September 24, 2018 / 6:36 PM / 3 months ago

UK watchdog considers fining Tesco Bank over cyberattack: Sky News

(Reuters) - Britain’s finance watchdog is considering fining the banking arm of Tesco Plc more than 30 million pounds ($39 million) over a 2016 cyberattack, Sky News reported on Monday.

Tesco Bank is contesting the scale of the Financial Conduct Authority’s proposed penalty and is in active negotiations with the watchdog about it, Sky reported, citing a legal source.

A “substantially lower” sum could be agreed within the next few weeks, Sky added, citing a source.

In November 2016, the retailer’s banking arm said 2.5 million pounds had been stolen from 9,000 customers in what cyber experts said was the first mass hacking of accounts at a western bank.

Tesco Bank and the FCA declined to comment.

Reporting by Mekhla Raina and Kanishka Singh in Bengaluru; Editing by Adrian Croft

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