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A 15-year-old boy has been arrested in Northern Ireland in connection with the recent high-profile hack on TalkTalk's website.

The boy was arrested in County Antrim on Monday (October 26th) on suspicion of offences under the Computer Misuse act.

Police have said enquiries are still ongoing, with a search of the boy's address currently under way.

It is the first major development since the company revealed its site had been hacked last week amid warnings that bank details and personal information of four million customers may have been accessed.

A statement from TalkTalk said: “We know this has been a worrying time for customers and we are grateful for the swift response and hard work of the police. We will continue to assist with the ongoing investigation."

The company had recently insisted that the breach was "materially lower" than had been previously anticipated, adding it was impossible for customers lose money as a sole result of the cyber-attack.

Culture secretary Ed Vaizey told the House of Commons on Monday that an inquiry was set to be launched by Jesse Norman, chair of the culture, media and sport select committee.

Announcing the inquiry, Mr Vaizey said the hack was “very serious”, adding that compensation for customers would be have to be looked at by the information commissioner.

An ICO spokesperson told The Guardian: “Our investigations into previous incidents are ongoing, and it wouldn’t be appropriate to presume a company had breached the Data Protection Act until our enquiries are complete. But what is clear is that organisations do need to make sure they have the appropriate level of security in place to protect the customer information they hold. If they don’t, we will act.”

Reports suggest TalkTalk could be facing a fine of up to £500,000 despite boasting an annual turnover of £1.8 billion a year.

Adrian Culley, a former Metropolitan police detective and now a security consultant, had previously claimed TalkTalk could be facing a substantial compensation bill, likening the latest hack to that of the Great Train robbery.

Investigations by the Metropolitan Police and the Information Commissioner’s Office (ICO) continue.

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