Virtual CTO

SWIFT Hacked (again) – $60M Stolen

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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 […]

Phishing

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

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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 […]

Regulation

FCA Senior Management Consultation – Recruitment nightmare for Information Technology

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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 […]

Regulation

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

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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 […]

Regulation

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

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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 […]

Regulation

FCA Senior Management Consultation – Interesting implication for IT outsourcing

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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 […]

Regulation

European Commission consultation on FinTech – Good news for RegTech

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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 […]

Regulation

European Commission consultation on FinTech – Bad news for the Cloud

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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 […]