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Almost 1.4 billion data records compromised in 2016 as hackers targeted large-scale databases across industries 

Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today released the findings of the Breach Level Index revealing that 1,792 data breaches led to almost 1.4 billion data records being compromised worldwide during 2016, an increase of 86% compared to 2015. Identity theft was the leading type of data breach in 2016, accounting for 59% of all data breaches. In addition, 52% of the data breaches in 2016 did not disclose the number of compromised records at the time they were reported.

British financial services firms expect to increase IT spending at a healthy rate in the near future, according to a CBI/PwC survey which also shows that combatting cybercrime is a growing imperative for the industry. After a tough, Brexit-tinged 2016, the survey of 98 firms shows that sentiment in the financial services sector has stabilised in the first quarter of 2017.

Many a blog or article piece on banking risk and regulation have started with the words ‘since the 2007/2008 financial crisis…’. This is as a result of the fundamental regulatory changes that have occurred since. The industry has seen a tsunami of regulations that have swept through the industry and stretched banks resources, increased their overall capital requirements and profoundly effected how banks operate. Add on top of this the UK’s decision on 23 June, 2016 to vote to leave the EU and the uncertainty that a Brexit vote leaves the entire nation, it is by no surprise that the largest industry in London, the financial industry, is set for further uncertain times ahead.

Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, has written to Rt Hon. Philip Hammond MP, Chancellor of the Exchequer, about cybersecurity in the financial services sector. Commenting on the correspondence, Mr Tyrie said: “The lines of responsibility and accountability for reducing cyber threats remain opaque.

A Russian hacker accused of helping to develop and maintain the notorious Citadel malware toolkit, which was used to steal more than $500 million from bank accounts, faces up to 10 years in a US prison after pleading guilty to computer fraud.
Having been extradited from Norway in December, this week Mark Vartanyan (who went by the online handle 'Kolypto') pleaded guilty in an Atlanta court. He will be sentenced in June.

MetricStream, the market leader in governance, risk and compliance (GRC) apps, has today released the results of a global survey revealing the current state of third party risk management. Respondents were from more than 40 organisations, across 15 industries – including financial services, retail, healthcare, pharmaceuticals and insurance.

Overcoming security concerns, the majority of financial services firms in the US and Asia Pacific have embraced cloud technology, won over by the potential for massive cost savings, according to research from IDC Financial Insights.

Banking cooperative Swift has unveiled a number of initiatives designed to address the compliance challenges facing banks and corporates. The unveiling came at a Swift Business Forum in Zurich where Swift executives, corporate treasurers and bankers addressed member banks on a range of topics, from financial crime compliance to Switzerland’s fintech scene.

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