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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.
Fraud, Scams & Cybercrime
BSP Urges Passage of Bill to Tackle Rising Cybercrime
By Ranamita Chakraborty | 05/10/2021
The bill will strengthen the legal framework for financial consumer welfare and foster greater public awareness on cybersecurity, the BSP said.
Operational Risk
SFC Issues New Guidance on Remote Working Risks
By Manesh Samtani | 05/10/2021
The SFC describes incidents that occurred due to failures to split teams amid the pandemic, set up phone recording, and promptly isolate a server compromised by ransomware.
CBDCs
RBNZ Issues Consultation on Potential CBDC Issuance
By Ranamita Chakraborty | 04/10/2021
A CBDC would help ensure central bank money remains relevant in a digital future, while also providing an additional monetary policy tool, the RBNZ said.
Cybersecurity
BNM Launches New Cyber Threat Intelligence Platform
By Manesh Samtani | 03/10/2021
FinTIP leverages machine algorithms and human experts to correlate, normalise, enrich, and sanitise contributed data to produce “real-time actionable intelligence”.
Data Privacy
BOT Issues New Data Governance Guidelines for Banks
By Pongnut Thanaboonchai | 03/10/2021
The guidelines set out a data governance approach that encompasses five aspects, allowing for flexibility to cater to the specific nature of a bank’s operations.
Conduct, Culture & Accountability
FMSB Offers Guidance on Mitigating Risks of Hybrid Working
By Editors | 02/10/2021
In a new Spotlight Review, the FMSB outlines steps firms can take to promote equivalent conduct outcomes in a hybrid environment.
Cybersecurity
FIs Increasingly Sharing Data to Prevent, Mitigate Cyberattacks
By Sanday Chongo Kabange | 28/09/2021
Global cyber intelligence sharing among financial institutions increased 60 percent in the past year, driven by supply chain and ransomware threats.
Cybersecurity
Industry Group Considers Options for Protecting Data at FMIs
By Editors | 23/09/2021
There is no standard approach to identifying the types of data that need to be protected, nor the manner in which that data should be protected.
Payments & Settlements
BNM Issues New Regulatory Requirements for Merchant Acquirers
By Editors | 23/09/2021
The new requirements will ensure merchant acquiring services have measures in place to manage settlement risk, financial risk, fraud risk, technology risk and cyber risk.
Data Privacy
Chinese Regulators Hold Meeting with Wall Street Firms – Report
By Sanday Chongo Kabange | 21/09/2021
CSRC vice chairman Fang Xinghai reportedly defended moves targeting the education and gaming industries as measures to reduce social anxiety.
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