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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.
Cybersecurity
DDoS Attacks Force Fourth Day of Market Closure at NZX
By Manesh Samtani | 27/08/2020
The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.
Cloud & Infrastructure
PBOC to Construct New Infrastructure in Big Data Hub
By Lucy Zhang | 24/08/2020
The new high-security data centre will be built in Guian New Area and become a key component of the PBOC’s new financial infrastructure.
Cybersecurity
ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures
By Sanday Chongo Kabange | 24/08/2020
ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.
AI Risk & Governance
Hong Kong AoF Publishes Report on AI Adoption in Banking
By Editors | 23/08/2020
The report provides insights about the risk management frameworks and overarching supervisory principles banks use when adopting artificial intelligence.
Cybersecurity
India Planning Specialised Cyber Agency for Financial Sector
By Editors | 19/08/2020
The specialised agency was proposed in 2017 by then finance minister Arun Jaitley. On Saturday, Prime Minister Narendra Modi said India will soon have a new cyber security policy.
Data Privacy
ACCC Declines to Pursue Banks Over Screen Scraping Warnings
By Sanday Chongo Kabange | 12/08/2020
Australia’s competition watchdog says the banks’ warnings against screen scraping security risks do not constitute anti-competitive conduct.
Cybersecurity
Taiwan to Require IT Security Enhancements at Financial Firms
By Editors | 10/08/2020
The FSC will require big financial firms to be able to restore operations within four hours after a disaster (possibly less for securities firms), among other measures.
Data Privacy
Singapore’s Central Depository Fined for Data Privacy Breaches
By Editors | 10/08/2020
211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.
Data Privacy
FSC Designates Korea’s First ‘Data Specialising Institutions’
By Editors | 09/08/2020
Korea Credit Information Services and the Financial Security Institute will be allowed to perform convergence of pseudonymised data originating from different financial businesses.
Cybersecurity
HKMA, IA Issue Guidance on Video Distribution of Insurance Products
By Editors | 07/08/2020
Insurers and intermediaries such as banks have to apply to enter the InsurTech Sandbox to test the use of video conferencing to distribute long term insurance policies.
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