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Showing posts with the label FCA

Check, Please! Adding up the Costs of a Financial Data Breach

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Guest article by Andrea Babbs, UK General Manager at VIPRE Reliance on email as a fundamental function of business communication has been in place for some time. But as remote working has become a key factor for the majority of business during 2020, it’s arguably more important than ever as a communication tool. The fact that roughly 206.4 billion emails are sent and received each day means we’re all very familiar with that dreaded feeling of sending an email with typos, with the wrong attachment, or to the wrong contact. But this can be more than just an embarrassing mistake – the ramifications could, in fact, be catastrophic.  Check Please! Within the financial services, layered cybersecurity strategy is essential to keep sensitive information secure In particular, for the financial services industry that deals with highly sensitive information including monetary transactions and financial data, the consequences of this information falling into the wrong hands could mean the los...

How can UK Financial Services Organisations Combat the Cyber Threat?

Guest article by Genevra Champion, Sector Marketing Manager  at  IT Governance The financial services industry is naturally a lucrative target for cyber criminals. Financial organisations trade and control vast amounts of money, as well as collect and store customers’ personal information so clearly, a data breach could be disastrous for an industry that is built on trust with its customers. The financial services industry is second only to retail in terms of the industries most affected by cyber crime – the number of breaches reported by UK financial services firms to the FCA increased 480 per cent in 2018, compared to the previous year. While financial services organisations are heavily regulated and cybersecurity is becoming more of a business priority, there is still much more to be accomplished when it comes to businesses understanding what measures must be taken – from the C-suite down – to effectively protect organisations against inevitable breaches. So how can fina...

Cyber Security Roundup for December 2018

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The final Cyber Security Roundup of 2018 concludes reports of major data breaches, serious software vulnerabilities and evolving cyber threats, so pretty much like the previous 11 months of the year. 5.3 millions users of "make your own avatar" app Boomoji had their accounts compromised, after the company reportedly didn't secure their internet connected databases properly. "Question and Answer" website Quora also announced the compromise of 100 million of its user accounts following a hack. A large data breach reported in Brazil is of interest, a massive 120 million Brazilian citizens personal records were compromised due to a poorly secured Amazon S3 bucket . This is not the first mass data breach caused by an insecure S3 bucket we've seen in 2018, the lesson to be learnt in the UK, is to never assume or take cloud security for granted, its essential practice to test and audit cloud services regularly. Amongst the amazing and intriguing space expl...