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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.
Operational Risk
Swedbank Fined for IT Incident Which Impacted 1m Customers
By Editors | 16/03/2023
Swedbank made a change to a business-critical IT system without following its internal procedures and processes.
Climate Risk
European Banks to Undergo Climate, Cyber Stress Tests
By Mark Johnston | 15/03/2023
European regulators have been asked to conduct a one-off climate risk scenario analysis. The ECB separately plans to launch a thematic stress test on cyber resilience.
Cybersecurity
CFTC Unveils Newly Constituted Tech Advisory Committee
By Editors | 14/03/2023
Carole House from Terranet Ventures and Ari Redbord from TRM Labs will serve as committee chair and vice chair, respectively.
Cybersecurity
CSRC Finalises New Cybersecurity Rules for Securities, Futures Industry
By Editors | 12/03/2023
The rules include requirements relating to stress testing, data backups, emergency response measures, and management of third-party suppliers.
Cybersecurity
CFTC to Develop Stronger Rules to Address Cyber Risk
By Editors | 12/03/2023
The CFTC is seeking to require derivatives dealers to exercise more due diligence and oversight of the third-party service providers.
Cybersecurity
FIA to Form New Global Taskforce in Response to ION Outage
By Manesh Samtani | 08/03/2023
The taskforce will assess existing cyber protections, response protocols, and safeguards around third-party service providers.
Fraud, Scams & Cybercrime
HK Losses from Crypto Scams Exceeded $200m in 2022
By Editors | 08/03/2023
Financial losses from crypto-related scams accounted for more than half of the total value lost through technology crime last year, police say.
Cybersecurity
US Unveils New Cybersecurity Strategy Focusing on Ransomware Attacks
By Mark Johnston | 05/03/2023
The strategy involves leveraging international cooperation, investigating crimes, bolstering infrastructure resilience, and addressing virtual currency abuse.
AI Risk & Governance
US Banks Impose Restrictions on Use of ChatGPT
By Editors | 01/03/2023
JPMorgan, Citigroup, Goldman Sachs, Deutsche Bank, Wells Fargo and Bank of America are among those reported to have imposed restrictions.
Cybersecurity
Australia Seeks Input to Craft New 7-Year Cyber Security Strategy
By Editors | 28/02/2023
A new discussion paper released by the government says the Optus and Medibank incidents made clear that the government was “ill-equipped to respond”.
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