Information Security
British Airways faces £183m fine over data breach
British Airways faces a record £183.39 million fine for a data breach last year that compromised the personal information - including payment card details - of hundreds of thousands of people.
The Information Commissioner's Office (ICO) says it intends to fine BA for infringements of the General Data Protection Regulation (GDPR), criticising the firm for "poor security arrangements".
Wells Fargo's Irish arm fined for regulatory breaches
The Irish central bank has issued a record fine to Wells Fargo for reporting failures by its Irish subsidiary, citing the bank's weak IT systems.
Regulatory bodies from the UK and Singapore to collaborate on cyber security
The Monetary Authority of Singapore (MAS), Bank of England and the Financial Conduct Authority announced today that they would be working together to strengthen cyber security in their financial sectors.
BBVA trains employees and their families on cybersecurity risks
BBVA held its first Family Cybersecurity Day, an initiative aimed at raising awareness and educating employees and their families about the potential risks derived from the online activities and certain digital habits that are already a part of our daily lives.
Huge jump in in cyber incidents reported by financial services firms
New data obtained by accountancy firm RSM under a freedom of information request has revealed that financial services firms reported 819 cyber incidents to the Financial Conduct Authority in 2018, a huge rise on the 69 incidents reported in 2017.
Entrust Datacard completes nCipher Security acquisition
Entrust Datacard, a leading provider of trusted identity and secure issuance technology solutions, completed its previously-announced acquisition of nCipher Security, formerly Thales's market-leading general purpose hardware security module (HSM) business.
GozNym malware cybergang taken down
An international criminal network that used malware to try to steal $100 million from more than 41,000 victims, has been dismantled after a law enforcement operation spanning several countries.
Data breach impacts 2.9 million Desjardins' customers
Canadian financial services co-operative Desjardins has confirmed that a rogue employee stole and disseminated the personal information of more than 2.9 million members.
Desjardins was only made aware of the breach when it was contacted by the police in June.
New Study Reveals Cybercrime May Be Widely Underreported—Even When Laws Mandate Disclosure
Schaumburg, IL—While attack vectors remain largely the same year over year, attack volume will increase and cybercrime may be vastly underreported, according to the 2019 State of Cybersecurity Study from global IT and cybersecurity association ISACA.
European regulators advise against one-size-fits-all cybersecurity policy
Europe's financial supervisory authorities have advised against the introduction of a coherent cyber resilience testing framework for the continent's market participants and infrastructures - at least in the short term.
IOSCO calls for adherence to cyber risk standards
The Board of the International Organization of Securities Commissions (IOSCO) today issued a final report that provides an overview of three internationally recognized cyber standards and frameworks used by IOSCO members.
Finance CISOs to ask for bigger cybersecurity budgets
Nearly three quarters of chief information and security officers at financial institutions plan to ask their firms for an increase in cybersecurity investments in the next year, according to a survey. Of 301 CISOs quizzed by the Financial Services Information Sharing and Analysis Center (FS-ISAC), more than half say that 10% or less of their organisation's overall budget is dedicated to cyber security and 73% are looking for a bump.
Swift says cyber threats evolving
Cybersecurity attackers in the large value payments chain are adjusting their modus operandi, lowering the value of transactions and running fraudulent instructions during normal operating hours in an attempt to blend in with regular payment flows and avoid detection, according to a new report from banking co-operative Swift.
