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While there’s been a recent influx of start-up solutions working to disrupt the global payments landscape, SWIFT’s financial messaging service continues to be the backbone of the international banking community. More than 11,000 institutions in 200 countries rely on its ironclad standards to carry out secure transactions, which have gained unanimous trust across the industry due to SWIFT’s stringent and unwavering customer security controls.

A Russian hacker who caused the collapse of one US company and racked up $4 million in fraudulent spending on fake debit cards has received a six-year jail sentence. Mikhail Konstantinov Malykhin used login credentials supplied to him by another hacker to illegally access the online software platform of a healthcare benefits administration firm.

Two months into GDPR, the costs and impacts are starting to be felt across the financial service sector. Bobsguide speaks with Jon Szehofner, founding partner of GD Financial Markets, to discuss what he has seen so far.

The UK's TSB has chalked up a whacking £107.4 million first half loss as the early costs of its disastrous IT migration to a new Banco Sabadell platform begin to emerge. TSB's notoriously botched migration to the new IT system in April locked customers out of online and mobile customers for over a month and led to a surge in cybercrime as criminals took advantage of the chaos.

The chairman of the Commodity Futures Trading Commission has lamented laws that prevent it from working with outside entities on research into areas such as blockchain, warning that the barriers are leaving it years behind regulators in other countries.

Singapore's banks have been ordered to tighten customer verification procedures following the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed and stolen.

Cryptomining malware has replaced ransomware as the crybercrime tool of choice for the online criminal fraternity, accounting for 32% of all recorded attacks in Skybox Security's mid-year tech threats report.

IBM (NYSE: IBM) Security today announced the results of a global study examining the full financial impact of a data breach on a company's bottom line.
Overall, the study found that hidden costs in data breaches - such as lost business, negative impact on reputation and employee time spent on recovery - are difficult and expensive to manage. For example, the study found that one-third of the cost of "mega breaches" (over 1 million lost records) were derived from lost business.

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