Cyber security
‘Red teams’ will test cyber-security of European financial infrastructure
Bundesbank official praises “bug bounty” programmes that pay hackers to uncover vulnerabilities
Basel Committee offers guide to fintech revolution
Document offers guidelines to supervisors grappling with rapid innovation, and imagines some of the repercussions of a world without traditional banks
International organisations should lead the way for cyber defence – IMF paper
Working paper outlines holes in current cyber regulatory framework and urges firms to adopt reporting system to improve oversight; cyber risks should be addressed on multilateral level
Tensions rise as EU payments deadline nears
Europe’s revised payment services directive is meant to boost innovation, competition and security, but many are concerned it has serious flaws
RBNZ sees no need to impose prescriptive cyber-security rules now
Head of prudential supervision at central bank says it is looking to market discipline to ensure high standards
BoE needs to ‘raise its game’ on cyber threats – BoE’s Habgood
BoE’s Habgood praises institution’s cyber security but says more can be done; new multi-level defence designed to ensure critical bank systems are not breached
PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks
OCC warns on cyber risks from subpar patches at US banks
Regulator says banks have good track record overall, but exams reveal weaknesses
Bank of Lithuania carries out cyber security exercise
Banks passed tests but supervisors will continue to be on alert, bank says
Mark Carney ensnared by email prank
BoE chief seemingly caught off guard by the same prankster who tricked Barclays boss Jes Staley
US regulators asked to play greater role in cyber security
Financial institutions cannot battle threats on their own, the CFTC is told
Regulators told to play greater role in cyber security
Companies can’t battle threats on their own, CFTC told
Swift rolls out new cyber defences for central banks
System uses machine learning to spot patterns and anomalies, so central banks and other institutions can act early on suspicious transactions
North Korea linked to Bangladesh Bank heist
North Korean IP address used in theft, claims Russian cyber-security firm; hacker group Lazarus’ fascination with financial gain “relatively new”
BoE collaborates with fintech firms to enhance payment system
BoE establishes new fintech community to discuss developments in the industry; next round of proof-of-concepts to examine ‘interledgers’ and threat intelligence
Danish central bank advocates specific cyber security testing
Survey shows only 50% of financial institutions specifically test their crisis response plans against cyber attacks; cyber security needs to be backed by senior management