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Lloyds Banking Group has suffered a significant data breach, exposing personal information of nearly 500,000 customers. The incident occurred due to an IT glitch in its mobile banking apps, which allowed some users to view others' account details, national insurance numbers, and payment references. The glitch, caused by a software defect introduced during an IT update on March 12, potentially affected up to 447,936 customers. Approximately 114,182 people ended up clicking into transactions that revealed sensitive information. Lloyds reported the incident to the Financial Conduct Authority and the Information Commissioner's Office within the required 72 hours. The bank has assured that there is currently no evidence of misuse or malicious activity. The incident raises concerns about customer protections in the digital banking era, especially as banks continue to close branches and push users towards online services. Lloyds has paid £139,000 to compensate 3,625 customers for distress and inconvenience, although no financial losses were reported. The Treasury committee chair, Meg Hillier, emphasized the trade-off between convenience and security in modern banking, stating that consumers must understand the risks associated with online interactions. Lloyds will provide further updates on the incident to the committee in April and September, and is committed to addressing its responsibilities towards affected customers.

The Co-op Group has announced that its chief executive, Shirine Khoury-Haq, will step down this weekend after a challenging year that included a cyber-attack and recent claims of a “toxic” culture at the business.Khoury-Haq will depart on 29 March, and Kate Allum, a board member and former boss of the dairy group First Milk, will step in as interim boss while a permanent replacement is sought.The company, which owns more than 800 funeral parlours and an insurance and legal advisory business, as well as operating more than 2,000 convenience stores, reported an underlying loss of £125m. This is a significant drop from a £45m profit the year before, largely due to a £107m profits hit from the damaging IT hack.Khoury-Haq denied that her resignation was linked to the allegations of a toxic culture, stating that her decision to leave was a personal one. She expressed her desire to “go and do something else”.Sales at Co-op fell 2.3% to £11bn in the year to 3 January, following the mutual’s shops being left with gaps on shelves after the cyber-attack, which knocked £285m off sales.The group cited a “contracting convenience market” and “layered cost headwinds” of about £150m during the year, due to increases in employers’ national insurance, pay and packaging taxes.Khoury-Haq’s departure comes a month after reports of concerns about the culture at the top of the group. In February, the Co-op defended the behaviour of its bosses after reports said senior managers had complained of a “toxic” environment at the retailer.

The youth unemployment crisis has sparked a call for more comprehensive support for young people seeking jobs. Many argue that the current system fails to adequately address the challenges faced by this demographic, leading to a cycle of rejection, confusion, and anxiety. The need for a revamped support system is underscored by the reality that young people often face significant barriers when entering the job market. The threat of losing benefits for not meeting job search requirements can undermine trust and engagement, making it even more difficult for them to secure employment. To effectively tackle this issue, experts suggest that the government must rebuild trust by removing punitive measures and creating job centers that offer more personalized support. This includes providing young people with the time, resources, and relationships with work coaches who understand their ambitions and can help build their confidence. Young people's voices must be central to shaping the support designed for them. By incorporating their perspectives, the government can create more effective and targeted initiatives that address the specific needs of this demographic. The crisis is also attributed to government policies that have driven employers' decision-making. For instance, national insurance rises and increases in the minimum wage have made young people more expensive to employ, leading companies to opt for older, more experienced workers. Furthermore, the rise in young people out of work due to ill health reflects a deeper erosion of stability. The article argues that secure, humane work is not an optional extra but a public health intervention, highlighting the need for a more comprehensive approach to addressing youth unemployment.