SWIFT Hacked (again) – $60M Stolen

Posted on Posted in Virtual CTO

Far Eastern International Bank said hackers compromised its network and transferred nearly US$60 million overseas Hackers managed to steal $60m from the Far Eastern International Bank in Taiwan by infiltrating its computers last week. However, most of the money has been recovered, and two arrests have been made. Far Eastern on Friday said it reported […]

20% more Investment Firms Cyber Security Incidents Reported in 1st 4 months of 2017 than the whole of 2016

Posted on Posted in Phishing, Security

In a response to an FOI Request asking “The total number of cyber incidents (both attacks and those attributable to human error) suffered (to your knowledge) by the private equity firms that you regulate” The FCA doesn’t hold data for Private Equity particularly but does for firms with Managing Investment permissions and the results are […]

FCA Senior Management Consultation – Recruitment nightmare for Information Technology

Posted on Posted in Regulation

In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA has suggested that IT should be classified as a Certified Function. This has implications to the recruitment process for individuals who are working in a Certified Function.  the proposed rules are as follows Which is a little bit more […]

FCA Senior Management Consultation – Information Technology is a certifiable function!

Posted on Posted in Regulation

In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA has a concept of Significant Management Certifiable Functions for important functions that do not have a dedicated Senior Manager. This proposed rule is that there is a chain of responsibility from the function to the Senior Manager that must […]

Only 30% say Cloud solutions meet the minimum compliance requirements for financial service providers

Posted on Posted in Regulation, Virtual CTO

On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. 226 firms responded […]

FCA Senior Management Consultation – Interesting implication for IT outsourcing

Posted on Posted in Regulation

In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA makes an interesting point about IT outsourcing which implies that IT is part of the Senior  Management job function. If that is the case then the obligations on Senior Managers is to actually understand IT and the implications […]

European Commission consultation on FinTech – Good news for RegTech

Posted on Posted in Regulation

On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. 226 firms responded […]

European Commission consultation on FinTech – Bad news for the Cloud

Posted on Posted in Regulation

On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. 226 firms responded […]

Cordium partners with IP Sentinel – Delivering clients solutions for the Regulator’s enhanced focus on IT and Cybersecurity

Posted on Posted in Virtual CTO

Published on: Aug 4th, 2014 Cordium, a leading global provider of compliance consulting, accounting, tax and software to the financial services industry, has entered into a partnership with IP Sentinel, the specialist provider of IT solutions, cybersecurity, monitoring and audit services to regulated entities. Cordium and IP Sentinel have entered into this partnership due to […]