13 posts categorised "Cyber"
02 September 2019 Coming a cropper - Data farms and insurance fraud Amidst other significant enforcement activity, the Information Commissioner’s Office (ICO) recently reported raids on two UK addresses as part of an ongoing investigation, conducted in partnership with the Insurance Fraud Bureau (IFB), into the suspected illegal acquisition and sale of personal data. The suspicion was that high volumes of data farming activity, or vishing, was taking place at these addresses to illegally obtain the personal data of motor accident victims to sell on to solicitors for personal injury insurance claims. In the context of the ongoing fight against insurance fraud, this is an important development. In this blog I highlight three of the most important themes I took away from it.
25 June 2019 With great computing power comes great accountability Scroll through a newsfeed nowadays and it’s difficult to avoid the latest take on innovative technologies such as Artificial Intelligence (AI), machine learning and advanced data analytics. These technological developments are beginning to disrupt the way in which financial services firms operate. A recent report by PwC shows that, while firms are at varying degrees of maturity in adoption, many are now embracing these technologies to transform activities such as risk management, fraud detection and post-trade processes. While these innovations are likely to be adopted by many within financial services, debate is growing around the disruptive power of new technologies and who is ultimately accountable for ensuring they are used responsibly.
17 June 2019 Why technology currency is a vital component of an operational resilience programme By Simon Chard, Partner and Stuart Birnie, Director Recent prominent and sustained operational incidents have placed operational resilience high on the boardroom agenda for Financial...
06 June 2019 Cryptoasset regulation: clarity or conundrum? The growing popularity of cryptoassets poses a conundrum for regulators. Some have acted quickly with bans or bespoke regimes, while others are taking a more evidence-based approach and plan to reach a more considered view on the appropriate regulatory stance. But with cryptoasset products and associated activities increasingly crossing the boundaries into mainstream financial services, regulators around the world are under pressure to provide clarity over the application of existing regulation to this market. In the UK, authorities have attempted to do this but, how helpful have their efforts been?
28 November 2018 Disruption - the new reality In a speech introducing the results of the FCA’s cross-sector survey of technology and cyber resilience, Megan Butler, Executive Director of Supervision, delivered a stark message: firms must be braced for more IT and cyber incidents and do more to address the threats adequately.
22 January 2018 Facing the future with resilience By Hannah Swain As we summon our energy and resolve for the year ahead, one thing is for sure in an otherwise uncertain landscape: operational...
19 April 2017 What can we learn from the FCA’s business plan? Sarah Isted The Financial Conduct Authority (FCA) has set out its priorities and agenda for 2017/18 in its annual business plan. The regulator continues a...
08 March 2017 FCA technology and cyber resilience request - five considerations for your response By Simon Chard Last week a number of our clients received a letter from the Financial Conduct Authority (FCA) asking them to respond to a...
17 August 2016 Managing cyber risk: where agility is everything By Alex Petsopoulos The threat from cyber crime is huge – according to our 2015 Banking Banana Skins report, the spread of cyber crime has...
25 July 2016 Why transparency in third party relationships is essential SOC 2 is a relatively new example of a framework, which allows a formal assessment of supplier performance across key domains, including security, confidentiality, availability, process integrity and privacy.
08 June 2016 What we need to learn from the biggest online bank robbery in history By Michael Woods The latest cyber security report, from cybersecurity firm Symantec, indicates that cyber criminals known as Lazarus Group have been targeting financial institutions...
12 May 2016 Let’s talk about risk The Future of Risk blog series addresses the most important risks financial institutions face today and what they can do to identify, manage and mitigate them.
- Andrew Gray
- Ann-Marie Stone
- Asset Management market study
- Be fearless
- Brian Polk
- Conduct and culture
- Conor MacManus
- Daniel de Búrca
- Financial crime
- Financial Participation
- Grant Lee
- IFRS 17
- MiFID II
- Operational Resilience
- Risk strategy
- Sarah Isted
- Senior Managers & Certification Regime (SM&CR)
- Senior managers regime
- Simon Chard
- Solvency II