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Computing Security Awards 2018 - meet the winners!
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A gala night in London saw this year's Computing Security Awards winners duly honoured for their outstanding performances across the past 12 months. To see who won what, go to: http://computingsecurityawards.co.uk/ | |
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Editor's Focus
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Factoring in your security
Sounds familiar? More employee accounts were accessed when hackers breached the two-factor authentication used to confirm log-in. 'Groundhog Day' comes to mind |  |
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Masterclass
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You can't prevent what you can't see
Charlotte Gurney, Marketing Manager, Brookcourt Solutions, and Marvin Josif, from CIX Software, look at the criticality of full visibility when facing advanced persistent threats |  |
IoT attacks surge ahead
IoT-based attacks are hitting organisations at an alarming and ever-increasing rate, with global spending on IOT security forecast to hit $1.5 billion next year |
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Fine-tuning the cloud
Will Secure Access Orchestration solutions that holistically manage the overall multi-cloud environment overcome fears around security issues? |
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Time for leaders to step forward
Cyber security has become a vital part of any businesses well-being and defences. But what leading role is government taking to co-ordinate a meaningful response? |
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Health hazards
A huge data breach in Singapore recently resulted in the personal data of 1.5m people - a quarter of the country's population - being stolen from a government health database. |
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Product Review
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AlienVault USM Anywhere
Organisations that want their threat detection, incident response, and compliance management centralised in one place need look no further than AlienVault
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Vectra Cognito
Traditional intrusion detection and prevention systems (IDPS) are struggling to cope, as cyber-criminals become ever more imaginative |
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Welcome to the October 2018 issue of the Computing Security Newsletter
It's been a long time coming, one way or another, but it was good to see that Tesco Bank has been fined £16.4 million by the Financial Conduct Authority (FCA) following the cyber-attack that occurred in 2016.
Cyber attackers exploited deficiencies in Tesco Bank's design of its debit card, its financial crime controls and in its financial crime operations team to carry out the attack. Those deficiencies left Tesco Bank’s personal current account holders vulnerable to a largely avoidable incident that occurred over 48 hours and which netted the cyber attackers £2.26m.
The fine imposed on Tesco Bank today reflects the fact that the FCA has no tolerance for banks that fail to protect customers from foreseeable risks. "In this case, the attack was the subject of a very specific warning that Tesco Bank did not properly address until after the attack started," points out Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA. "This was too little, too late.
Customers should not have been exposed to the risk at all."
According to the FCA, banks must ensure that their financial crime systems and the individuals who design and operate them work to substantially reduce the risk of such attacks occurring in the first place. "The standard is one of resilience, reducing the risk of a successful cyberattack occurring in the first place, not only reacting to an attack," adds Oversight. "Subsequently, Tesco Bank has strengthened its controls with the object of preventing this type of incident from being repeated."
News of the Tesco Bank fine has won approval within the security industry. "Banks need to maintain the upmost security and show the public they are resilient to attacks to ensure their customers' bank balances are safe from criminals," states Jake Moore, cyber security expert at ESET UK. "Unfortunately, a cyber-attack on a bank will not only weaken customer confidence in this particular bank, but all online banks in general.
"Companies, and especially banks, understand that personal details, or in this case customer's money, can be stolen in seconds, but take years to rebuild in customer trust. This was a calculated attack, so being open with the FCA from the start not only reduced the amount stolen from escalating, but it also reduced the size of the fine thereafter."
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Brian Wall, Editor
Computing Security
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