Lloyds comes under scrutiny over banking app data breach

The UK Parliament's Treasury Select Committee is seeking immediate answers from Lloyds Banking Group (LBG) following the recent personal data breach that allowed customers to view other users' financial transactions via a banking app. Committee Chair Dame Meg Hillier has formally written to the group's chief executive requesting comprehensive details on the number of individuals affected, the nature of the sensitive data exposed, and expected compensation payouts.

The committee described the incident as an alarming breach of data confidentiality and has established a strict timeline for further disclosures. LBG has been given one month to provide an initial assessment on whether any customers have fallen victim to financial crime as a result of the breach. This is to be followed by a more detailed account explaining the precise cause of the incident and the preventative measures implemented to avoid a recurrence within six months. 

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