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Business

Tesco Bank hack raises cybercrime fears

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Business

Tesco Bank hack raises cybercrime fears

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COMING UP:Tesco Bank hack raises cybercrime fears

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Transcript

00:00:00
>> Tesco has some explaining to do a day after admitting it was hit by a cyber heist. Money stolen from about 20,000 customers, double that number targeted in all. On Tuesday the firm was still silent about the exact nature of the hack, online break in, inside job or some combination of the two.
00:00:19
Reuters banking correspondent, Lawrence White, says there were already question marks about security at the bank's parent firm.>> Tesco Group has had a series of past security incidents including an online hack in which thousands of customer accounts were breached. So this suggests this is a company with a track record of security problems that does need addressing.
00:00:40
>> The earlier hack targeted users of the online supermarket, this is more serious. UK regulators say it's the first time bank account holders have lost money. An earlier attack on HSBC didn't cost customers a penny. The scale of this breach also unprecedented for any bank. Now the fallout may go wider than just Tesco.
00:01:02
>> So the potential is that an incident like this, could reduce trust in some of the smaller lenders that have started recently in the UK. Customers worry that newer banks perhaps don't have the same security budgets as the larger banks and that therefore they could be more at risk.
00:01:16
>> Tesco says it's working fast to repay all customers who lost money. Now it has to make sure that there is no repeat of the incident, otherwise it could gain an unwelcome reputation.