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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.
Cybersecurity
APRA Identifies Defective Cyber Controls at NGS Super
By Sanday Chongo Kabange | 08/12/2023
APRA said multiple reviews identified deficiencies in NGS’ compliance with its standards on information security.
Data Privacy
Australia Passes Identity Verification Bill to Boost Privacy and Security
By Mark Johnston | 08/12/2023
The new legislation will require identity verification services to adhere to privacy and security standards and report breaches to the OAIC.
Emerging Prudential Risks
Geopolitical Risk Seen as Top Risk to Financial Industry in 2024
By Editors | 08/12/2023
As many as 47% of respondents cited geopolitical risk as the number one risk impacting the global financial system in 2024.
Conduct, Culture & Accountability
HKAB, DTCA Issue Revised Banking Code of Practice
By Sanday Chongo Kabange | 08/12/2023
Banks are expected to achieve full compliance with the new Code within 6 months. More time is given for provisions involving complex system changes.
Cybersecurity
HSBC Trials Quantum Protection for AI-powered FX Trading
By Sanday Chongo Kabange | 07/12/2023
HSBC is using its own AI-powered tool to safeguard trades of any value from quantum attacks and other cyber risks.
Data Privacy
Legislation Introduced to Expand Australia’s Digital ID System
By Sanday Chongo Kabange | 01/12/2023
The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.
Cybersecurity
Cyber Security is a Key Risk for CBDCs: BIS Paper
By Manesh Samtani | 01/12/2023
The report points to potential gaps in central banks’ internal capabilities and skills as a “key risk”.
Data Privacy
Taiwan FSC Fines Shanghai Commercial & Savings Bank
By Sanday Chongo Kabange | 30/11/2023
The FSC fined Shanghai Commercial and Savings Bank over leaks of personal data involving 14,000 bank customers.
CBDCs
BIS Publishes Findings from CBDC Project to Address Privacy, Security
By Manesh Samtani | 30/11/2023
The report says Project Tourbillon shows that it is feasible to implement payer anonymity and “quantum-safe blind signatures”.
Cloud & Infrastructure
APRA Calls on Firms to Improve Data Risk Management Practices
By Sanday Chongo Kabange | 29/11/2023
APRA outlined multiple areas where improvements can be made to improve the data management practices of banks, insurers, and superannuation trustees.
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