According to IDC, worldwide spending on security solutions and services is predicted to increase by 12.1% in 2023 compared to the previous year, reaching $219 billion. By 2026, it is estimated that investments in hardware, software, and services related to cybersecurity will almost reach $300 billion due to the ongoing threat of cyberattacks, the need to provide a secure hybrid work environment, and the requirement to comply with data privacy and governance regulations.
The Financial Conduct Authority (FCA) has issued a warning to nearly 300 payment firms, stating that they must take prompt action to address "unacceptable" risks to consumers and the financial system or face closure.
Source: ComplyAdvantage
ComplyAdvantage, the leading fraud and financial crime detection firm, has named Jim Anning as the company’s Chief Data Officer as part of its commitment to innovation in anti-money laundering / countering financial terrorism (AML/CFT) services.
The California Department of Financial Protection and Innovation has taken control of Silicon Valley Bank, with the FDIC appointed as receiver due to concerns of "inadequate liquidity and insolvency.
The annual publication of the worldwide threats to national security by the United States Intelligence Community has recognized Chinese cyber operations as one of the foremost threats to American national security.
Silvergate Bank has gone into liquidation, raising further concerns about rising volatility in the crypto sector.
A bipartisan bill, backed by the White House and introduced by a dozen U.S. senators on Tuesday, is proposing that the federal government initiate a process to systematically block foreign technology from reaching the domestic market when the technology poses a national security threat. The Restricting the Emergence of Security Threats that Risk Information Communications Technology (RESTRICT) Act could result in restrictions for the social media platform TikTok, which is owned by Chinese company ByteDance, according to its supporters.
A group of Senate Democrats, led by Elizabeth Warren, have urged financial regulators to take action against fraud related to Zelle, a peer-to-peer payments service owned by seven of the largest banks in the US through Early Warning Services.
