The fine is the first issued by the FCA for cyber fraud. It comes amid a heightened focus on informational security following a series of high-profile data breaches at UK multinationals and the introduction of the General Data Protection Regulation (“GDPR”)

https://www.ropesgray.com/en/newsroom/alerts/2018/10/UK-financial-regulator-issues-16-4-million-fine-for-cyber-fraud-and-its-not-even-GDPR