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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.
Cloud & Infrastructure
How a Consortium Created an Open Taxonomy for MAS 610
By Editors | 13/08/2019
Recognising the depth of the challenge posed by the new MAS 610 standard, AxiomSL decided that this industry challenge merited an innovative approach.
Clearing & Post-Trade
ASX Finalises Updated Guidance for Clearing, Settlement Participants
By Editors | 08/08/2019
ASX has finalised its updated guidance for clearing and settlement participants on their business continuity, disaster recovery and cyber resilience arrangements.
Cybersecurity
MAS Mandates Baseline Requirements on Cyber Hygiene
By Editors | 07/08/2019
The legally binding cyber hygiene requirements must be implemented by all MAS regulated financial institutions by 6 August 2020.
Cybersecurity
Japan: Security Failures Force New Payments Service to Shut
By Editors | 06/08/2019
The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.
Data Privacy
NAB Notifies 13,000 Customers of Data Breach
By Editors | 29/07/2019
Australia’s fourth largest bank says the personal data uploaded to servers without authorisation was not copied or further disclosed, and has since been deleted.
Cybersecurity
Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach
By Editors | 24/07/2019
The penalty amounts allocated to the consumer compensation fund represent less than 3 US dollars for each of the estimated 147 million consumers who had their data stolen in 2017.
Cryptocurrency
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Cybersecurity
New Zealand FMA Assesses Financial Sector Cyber Resilience
By Editors | 18/07/2019
Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.
Custody & Infrastructure
UPDATED – Bitpoint Japan Loses $28m in Crypto in Hot Wallet Hack
By Editors | 15/07/2019
The majority of the stolen funds belonged to clients and were held in hot wallets. Crypto exchanges in Japan are required to hold client assets offline in segregated cold wallets.
Cybersecurity
FSB Seeks Industry Input on Cyber Incident Response and Recovery
By Editors | 15/07/2019
The survey will inform the FSB’s development of a toolkit of effective practices for responding to and recovering from cyber incidents.
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