Skip to content

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • Mythos Proportions
  • Culture Tips: Transforming a 150-Year-Old Mutual
  • Exclude It, Harness It, Get Greedy: Insurers' AI Playbook
  • Carrier Management
  • C-Suite
  • News
  • Research
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Join
  • Login
  • Boardroom Agenda
  • CEO / Chief Executive
  • CFO / Financial
  • Underwriting
  • CTO / Technology
  • Risk
  • Brand Management & Sales
  • Investment Officers
  • Claims / Legal
  • Talent Management
Montgomery v. Caribe Increases Litigation Activity, Not Shipper Exposure
Clyde & Co Survey Shows Rapid Escalation of AI, Geopolitical Risks
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
U.S. House Passes Bill to Extend Federal Terrorism Backstop Through 2034
Agency Reminds Drivers to Be Safe During July 4 Holiday

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
How We Did It: How a 150-Year-Old Mutual Transformed Culture to Drive AI
USAA Not Done With Dividends: Florida Reforms Prompt $0.5B Payout
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
The Price of Loyalty: How Higher Premiums Are Reshaping Carrier Retention
Supply Shocks Beyond Hormuz: Other Ports Face ‘High’ Risk of Disruption
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
NAIC Says Data Taken in Hack Has Been Published Online
Kim and Allen Lead Voting in California Insurance Commissioner Primary
USAA Not Done With Dividends: Florida Reforms Prompt $0.5B Payout
Progressive Is Biggest Auto Insurer, Surpassing State Farm: S&P GMI
How We Did It: How a 150-Year-Old Mutual Transformed Culture to Drive AI
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms

See all Top 50

The 24-Hour Window: The Race to Keep Claims Out of Litigation
Why Reinsurance’s AI Pilots Don’t Scale
How to Improve Small Commercial Property Underwriting
5 Principles for Insurers: Testing Agentic AI’s Next Wave

See all Members Only Content

Benefits

  • News for the P/C Insurance C-Suite - Focused reporting from reliable sources and experienced financial journalists.
  • Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts.
  • High-Profile Peers - Interviews with thought leaders in the global and U.S. insurance industry.

Online Access

Complete, unrestricted access to the popular CarrierManagement.com website, which provides insurance company C-suite executives with daily news, white papers, advice, instruction and editorial on how to manage insurance companies more efficiently and more effectively.

Cyber Theft Strikes 20,000 Tesco Bank Accounts in UK

Print Email
November 7, 2016 by Estelle Shirbon

The banking arm of Britain’s biggest retailer Tesco was scrambling on Monday to deal with an online attack over the weekend on 40,000 customers’ accounts, 20,000 of which had money removed.

The hack is the first on a British bank known to have resulted in customers losing money, adding to growing concerns about the British financial sector’s vulnerabilities tocyber attacks, which have jumped in frequency over the past two years.

Tesco Bank, which manages 136,000 current accounts, stopped all online transactions while it worked to resume normal service, although customers could still use their bank cards in shops and to withdraw money from cash machines.

“Any financial loss that results from this fraudulent activity will be borne by the bank,” Tesco Bank Chief Executive Benny Higgins told BBC radio. “Customers are not at financial risk.”

“We think it would be relatively small amounts that have come out but we’re still working on that,” he said, adding that he expected the cost of refunding customers would be “a big number but not a huge number.”

Shares in supermarket chain Tesco, which wholly owns Tesco Bank, were down 1.2 percent at 200.20 pence by 1030 GMT.

The bank is a minnow in Britain’s retail banking market, with about 2 percent of current accounts, and represents only a small part of Tesco’s overall business.

It contributed 503 million pounds ($623.4 million) to the group’s revenue of 24.4 billion pounds in the first half of its 2016-17 financial year.

But while the financial hit to the group may be limited, Tesco Bank risks serious reputational damage from an attack that affected 29 percent of its customer current accounts.

Other British banks have been targeted by cyber attacks in recent years, but the Financial Conduct Authority (FCA) which regulates the sector said it was not aware of any previous incident in which customers had lost money.

Reported attacks on financial institutions in Britain have risen from just five in 2014 to over 75 so far this year, according to FCA data, but bank executives and providers of security systems say there are many more unreported attacks.

HSBC issued a series of apologies to customers earlier this year after its UK personal banking websites were shut down by a “denial of service” attack, but no customer funds were at threat during that breach.

Cliff Moyce, global head of financial services at DataArt, a network of technology consulting and software services firms, said reduced staffing levels over the weekend were likely to have been one of the reasons for the impact of the hack.

“The clever part was doing it over the weekend when banks are typically understaffed, and will respond more slowly,” he said in a comment emailed to media.

“Automated fraud detection systems appear to have worked well, but a lack of people at desks will not have helped.”

Other well-known British brands hit by significant cyber attacks over the past year include telecoms firms TalkTalk and Vodafone, business software provider Sage and electronic goods retailer Dixons Carphone. ($1 = 0.8068 pounds) (Additional reporting by Michael Holden, James Davey and Huw Jones.)

Copyright 2026 Reuters. Click for restrictions.
Print Email
Claims / LegalCommercial LinesCTO / TechnologyGlobal EconomyInternationalLitigation/Liability TrendsMarketsNewsPersonal LinesRiskThe C-SuiteUnderwriting

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

The Price of Loyalty: How Higher Premiums Are Reshaping Carrier Retention
U.S. and World Bank Creating Political Risk Insurance for Ukraine Fund
The Skills People Still Perform Better Than AI
The 24-Hour Window: The Race to Keep Claims Out of Litigation

Related Articles

U.S. Vents in Meetings With China About Cyber Theft Concerns
Small Business Cyber Risk Awareness Rises: Zurich Survey
Trade Secrets Stolen in Massive Cyber Attack Against Steelmaker ThussenKrupp
Cyber Thieves See Limited Chances Before Credit Card Chips Curtail Their Theft Opportunities
Banking Cyber Theft Ring Targeted Millions of PCs in Asia and the U.S.
Anthem Launches Identity-Theft Protection Signup Following Cyber Attack

Our Contributors

David HemryHow to Improve Small Commercial Property Underwriting
David SeiderThe Price of Loyalty: How Higher Premiums Are Reshaping Carrier Retention
Ross J. DiBonoMontgomery v. Caribe Increases Litigation Activity, Not Shipper Exposure
Theodore M. SchaerMontgomery v. Caribe Increases Litigation Activity, Not Shipper Exposure
Vitali YurkevichInsurance AI: What You Won’t Read in the Press Releases
Tom RasmussenThe 24-Hour Window: The Race to Keep Claims Out of Litigation
See All Our Contributors

Free Newsletter

NewsletterSign up to receive daily news!

Latest

  • Montgomery v. Caribe Increases Litigation Activity, Not Shipper Exposure
  • Clyde & Co Survey Shows Rapid Escalation of AI, Geopolitical Risks
  • U.S. House Passes Bill to Extend Federal Terrorism Backstop Through 2034
  • Agency Reminds Drivers to Be Safe During July 4 Holiday
  • Second U.S. Safety Agency Investigates Fatal Texas Tesla Crash
  • How Doublet Earthquakes That Struck Venezuela Happen
  • Debt, AI Boom and Financial Fragilities Raise Global Risks, BIS Says
  • The Price of Loyalty: How Higher Premiums Are Reshaping Carrier Retention

Research & Whitepapers

  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • Mythos Proportions
  • Culture Tips: Transforming a 150-Year-Old Mutual
  • Exclude It, Harness It, Get Greedy: Insurers' AI Playbook
  • Does Spending More $ on Defense Reduce Indemnity?

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • Cotality
  • Cytora
  • HazardHub
  • Indico Data
  • Majesco
  • Verisk
  • Vertafore

Connect with us

  • Email Newsletters
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Carrier Management

  • Submit Content
  • Advertise
  • Subscribe
  • Contact Us

Wells Media Group Network

  • Carrier Management iconCarrier Management
  • Insurance Journal iconInsurance Journal
  • Claims Journal iconClaims Journal
  • IJ Academy iconInsurance Journal Academy
  • Insurance Journal TV iconInsurance Journal TV
  • MyNewMarkets.com iconMyNewMarkets.com
© 2026 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map