Regulatory impediments and the current fragmentation of protocols from a multiplicty of providers of distributed ledger technology will prove to be a major challenge for banks to overcome before the technology can go mainstream in financial markets, says a senior Deutsche Börse executive.
Credit referencing firm Equifax has reported a cyber-breach which spilled the personal details of approximately 143 million US consumers. The company says unidentified intruders exploited a US website application vulnerability to gain access to certain files over a three-month period between May and July of this year.
European banks under siege from digital challengers and sophisticated cyber attackers could face some relief from a possible change in accounting rules that will enable them to spend more on new software.
Despite the wave of costly data breaches over the last few years, nearly half of global firms that accept plastic are still failing to meet Payment Cards Industry (PCI) security standards, according to a report from Verizon.
The rise of fintech is set to fundamentally change the financial services industry, forcing banks to change their operating models and requiring regulators to adapt to address risks while promoting innovation, says a new paper from the Basel Committee on Banking Supervision.
Clearing houses in the UK will have to complete regular cybersecurity reports due to new legislation likely to be introduced in May 2018.