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Cybersecurity
Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
AI Risk & Governance
FSC Korea Issues Guidelines to Promote Safe Usage of AI Tech
By Editors | 19/04/2023
A verification system has also been introduced for use in examinations of AI-driven credit scoring models deployed by credit bureaus.
Fraud, Scams & Cybercrime
Australia Saw 80pc YoY Jump in Scam Losses in 2022
By Editors | 18/04/2023
Australians lost more to scams than ever before in 2022. Losses per victim rose by more than 50% to an average of almost A$20,000.
Data Privacy
Australia to Investigate Amex Over Data Privacy Concerns
By Editors | 17/04/2023
The OAIC will investigate American Express over its data handling protocols and potential national security risks.
Cybersecurity
FSB Proposes Standard Global Approach to Cyber Incident Reporting
By Manesh Samtani | 14/04/2023
The FSB will establish a new working group to further develop its proposed ‘format for incident reporting exchange’, known as FIRE.
Supervision & Enforcement
Taiwan FSC Signs Supervisory Cooperation MoU with NYDFS
By Editors | 13/04/2023
The MoU covers information sharing, financial inspections, disciplinary actions, licensing approvals, and confidentiality related to supervisory duties.
Emerging Prudential Risks
Recent Banking Sector Turmoil to Inform FSB’s Policy Work
By Editors | 12/04/2023
FSB working with BCBS to analyse and learn from recent banking sector turmoil. Cyber incident reporting recommendations also finalised.
AI Risk & Governance
Italy ChatGPT Ban Prompts Broader Scrutiny of AI Tools
By Manesh Samtani | 12/04/2023
Taiwan is exploring the use of AI tools by banks. China has issued draft rules for AI development. The US is exploring accountability mechanisms for AI systems.
Custody & Infrastructure
New FTX Report Reveals Extent of Control Failures
By Manesh Samtani | 11/04/2023
FTX stored private keys in plain text documents without encryption on an FTX group server that was accessible by staff.
Anti-Money Laundering
US Treasury Publishes First Ever DeFi Risk Assessment
By Manesh Samtani | 07/04/2023
Treasury calls on the private sector to use the risk assessment to inform their risk mitigation strategies, and offers recommendations on government action.
Fraud, Scams & Cybercrime
Wanton Wiper Malware and the Weaponization of Legitimate Tools
By Lotem Finkelstein | 07/04/2023
A bigger threat than ransomware is the reemergence of malware that destroys sensitive data, says Lotem Finkelstein.
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