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The banking arm of British supermarket giant Tesco has been fined £16.4 million over weaknesses in its cyber defenses that allowed fraudsters to steal more than £2 million, the first time a U.K. financial institution has been penalized for cybersecurity failures. In a 27-page notice published Monday, the U.K. Financial Conduct Authority, or FCA, said Edinburgh-headquartered Tesco Bank failed to conduct its business with "skill, care and diligence", citing deficiencies in the design of its debit card, a failure in fraud risk management and errors by its anti-fraud teams that were exploited by cyber crooks in a "largely avoidable" 48-hour...