Financial Services Security
Breach Incidents
Essential Reading
Tesco Bank Cyber Attack
FCA fined Tesco Bank £16.4M in 2018 — 9,000 accounts drained of £2.26M overnight in November 2016. The largest cyber-related fine in UK financial services at the time.
ION Group Ransomware Attack
LockBit ransomware hit ION Group in January 2023, forcing 40+ financial institutions to process derivatives trades manually — disrupting City of London clearing operations for days.
Finastra Data Breach 2024
400GB of Finastra data — including SWIFT messaging records — appeared on dark web forums in November 2024, affecting a provider serving 8,000+ financial institutions globally.
Equifax UK Data Breach
Equifax UK fined £11.164M by FCA in 2023 for the 2017 breach — 15M UK records exposed, $575M US settlement with FTC/CFPB. Six-year investigation concluded.