An independent Industry Working Group (IWG) sponsored by the CPMI-IOSCO Working Group on Cyber Resilience (WGCR), including representatives from The Depository Trust & Clearing Corporation (DTCC), Euroclear, the Federal Reserve Bank of New York, LCH, TMX Group and the Reserve Bank of Australia, today issued a whitepaper that explores data protection and validation as the cyber threat landscape continues to evolve. 

According to IBM, 23 per cent of all cyber-attacks are directed at financial institutions, while the total cost of a single data breach is the second largest among all industries, costing financial organisations USD5.72 million on average.

Chief executives in financial services rank cyber-attacks as the greatest threat to future growth prospects – more than a pandemic or over-regulation – according to a PwC survey.

Ledger Enterprise Solutions has entered into an agreement with Ovex, a South-African-based digital asset prime broker. Ovex will utilise the Ledger Vault platform, an institutional-grade custody technology for enterprises, to secure clients’ digital asset portfolios.

London based Nemesis Asset Management LLP has launched the Nemesis Cyber One, an actively managed certificate focused exclusively on cyber security companies. 

The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has announced that audit, tax, advisory and risk firm Crowe UK, will be continuing as their Expert Partner for Cybercrime & Fraud. 

Saxo Bank, an online trading and investment specialist, is the first licensed bank and financial institution in the world to receive the Cloud Security Alliance (CSA) Security, Trust & Assurance Registry (STAR) Level 2 Attestation and Trusted Cloud Provider accreditation.

The Financial Conduct Authority (FCA) has sent 4,430 of its employees on compulsory cyber and information security courses over the past two financial years – (FY 19-20 and FY 20-21) – to help combat the growing threat of financial crime, such as money laundering and fraud, according to official figures.

Kroll, a provider of services and digital products related to governance, risk and transparency, has revealed the number of data breaches reported to the FCA fell by 30 per cent between 2019-2020. This is a direct contradiction to Kroll’s own data which, looking at all industries, showed a 56 per cent average rise in incidents over the same timeframe, with the financial services industry being slightly above that average. 

First Digital Trust (FDT), a Asian qualified multi-asset custodian to the BnkToTheFuture investment community, is to integrate Fireblocks’ MPC-based digital asset infrastructure to meet the increasing demand from fintech companies seeking custodial solutions in Asia.