Cryptocurrency may be nearing the point where it poses a systemic risk to the global financial system, according to Klaas Knot, outgoing chair of the Financial Stability Board (FSB). Speaking in Spain, Knot acknowledged that despite previous disruptions in the crypto space—including bankruptcies, liquidity issues, and fraud—the FSB had not considered the sector a systemic threat until now.
Four major trade associations are calling for sweeping cybersecurity reforms among federal financial regulators after a breach at the Office of the Comptroller of the Currency (OCC) exposed over 148,000 sensitive documents. In a joint letter to Treasury Secretary Scott Bessent, the Bank Policy Institute, American Bankers Association, Managed Funds Association, and SIFMA stressed that the breach highlights a broader risk of cyberattacks against critical government infrastructure.
Enterprises investing in AI within the financial technology sector are realizing a 136% return on investment, saving $1.36 million for every $1 million invested over three years, according to a global study by Financial Times Longitude for Basware. Despite ongoing economic uncertainty and global trade disruptions, AI adoption is proving to be a direct driver of financial performance. With the global AI market projected to hit $4.8 trillion by 2033, interest in AI-driven efficiencies continues to surge.
Non-human identities (NHIs), such as API keys, service accounts, and OAuth tokens, are critical to modern enterprise networks, enabling secure and efficient interactions among countless applications and services. With the proliferation of cloud services, AI, and automation, NHIs now outnumber human identities by as much as 50-to-1 in some organizations.
Source: Global Relay
A third of EMEA firms are already using AI in compliance, and 71.4% plan to introduce it in the next year – with EMEA firms also much less likely to ban communications like WhatsApp for business use.
Source: WFF
We Fight Fraud (WFF), a specialist financial and cyber crime consultancy, has selected European Regtech scale-up Salv to share intelligence with financial institutions across Europe.
Over the past few months, a threat group identified as UNC6040 has been executing a sophisticated voice phishing (vishing) campaign targeting Salesforce environments, according to Google’s Threat Intelligence Group.
A coalition of banking industry associations, including the ABA and BPI, is pressuring the SEC to roll back its rule requiring public companies to disclose material cybersecurity breaches within four days.
