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Chartis Research has named Wolters Kluwer a Category Leader in its 2017 RiskTech Quadrant® for Enterprise GRC Solutions, marking the fourth consecutive time it has earned this distinction. Wolters Kluwer advanced to a top five position among vendors participating based on its governance, risk and compliance capabilities, moving up another notch since the last time Chartis conducted its Enterprise GRC Solutions market update.

Chartis Research has named Wolters Kluwer a Category Leader in its 2017 RiskTech Quadrant® for Enterprise GRC Solutions, marking the fourth consecutive time it has earned this distinction. Wolters Kluwer advanced to a top five position among vendors participating based on its governance, risk and compliance capabilities, moving up another notch since the last time Chartis conducted its Enterprise GRC Solutions market update.

Financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2 per cent on the previous year, figures from Financial Fraud Action UK show.

As the US finally made the switch to EMV chip cards, last year saw e-commerce fraud rates jump by 33%, according to data from Experian.
In late 2015 the US finally followed much of the rest of the world when Visa and other card schemes switched the liability for fraud-related losses to retailers that have not upgraded their hardware for EMV.

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.

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