Lloyds, Barclays Reveal Security Lapses, Disruptions in Payments
Silla Brush, John Glover, Edward RobinsonBloombergAugust 15, 2018, 1:13 PM GMT. Lloyds Banking Group Plc, Barclays Plc and other U.K. lenders disclosed major security and operational incidents that cut off customers’ access to payment services, as regulators force lenders to publicize disruptions from cyber-attacks and other causes. Tesco Bank, which was targeted by cyber-criminals in 2016, reported six incidents in the period. The public reports are part of efforts by the Financial Conduct Authority and Competition and Markets Authority to shine a light on banks’ ability to cope with a wave of hacks and technical problems and help consumers choose the best current account. For years, the Bank of England has directed financial institutions to strengthen the resilience of their computer systems.