The securities industry is facing a growing digital divide as securities firms taking a leadership role are outpacing firms that are not, particularly when it comes to developing a strategy for attracting staff with advanced digital skills and talent. This is according to the “2024 Digital Transformation and Next-Gen Tech Study” conducted by Broadridge Financial… Read More >>
DDoS Attacks Soared in 2023: FS-ISAC Report
The financial services sector was the top target for distributed denial-of-service (DDoS) attacks last year, and attacks on this sector jumped 154 percent, according to a new report from industry consortium the Financial Services Information Sharing and Analysis Center (FS-ISAC). However, the report, “DDoS: Here to Stay,” emphasizes that firms “can mitigate the impacts of… Read More >>
Nominations Are Open for the 2024 FTF Awards!
Financial Technologies Forum (FTF) has launched the nomination process for the 2024 FTF News Technology Innovation Awards competition, which recognizes the operational excellence of professionals, financial technology vendors, service providers, and industry bodies that had significant achievements in the 2023 calendar year. The winners of the FTF Awards competition are chosen by their peers in… Read More >>
Cyber Threats Seen as a Major Risk for 2024
Securities firms are foreseeing cybersecurity risks as one of their top concerns for next year as cybers-attacks remain one of their top five risks as revealed in an annual Systemic Risk Barometer Survey done by DTCC officials. Cybersecurity concerns constitute one of the top five risks identified in every survey since 2013 when the DTCC… Read More >>
Consultancy Issues Alert About QR Code Phishing
“What happened?” North Carolina-based Fairview asks about the “uptick” in phishing reported by its clients. Of course, it’s a rhetorical question. But there’s nothing rhetorical about the impact of an answer on the financial services industry. Fairview Investment Services is a consultancy, based in Raleigh, that offers support for investment advisers and other financial institutions… Read More >>
Citi & FINOS Push for ‘Common Cloud Controls’
Financial services giant Citi and the Fintech Open Source Foundation (FINOS) are launching an open standard project that will formulate “consistent controls” for cloud computing cybersecurity, resiliency, and compliance that cloud service providers (CSPs) can use as the basis for a common set of services. The “Common Cloud Controls (CCC)” push is intended to bring… Read More >>
Derivatives Firms Take Ransomware More Seriously: Q&A
(Editor’s note: In late January, ION Cleared Derivatives, part of the ION Group, reported “a cybersecurity event,” which was a ransomware attack that set off a crisis for the global processing of cleared derivative instruments. The attack got the attention of the CFTC and the Futures Industry Association (FIA) as company officials worked to resolve… Read More >>
SEC Pushes New Cybersecurity Risk Mitigation
The United States Securities and Exchange Commission (SEC) proposes to address cybersecurity risks to the financial services sector. Seems like a pretty good idea, doesn’t it? Maybe even overdue, given what we know about the intentions and actions of countries like Russia and China. The new cybersecurity rules would apply to “broker-dealers, the Municipal Securities… Read More >>
Voting Begins in the FTF Awards Competition!
We are pleased to announce that voting has begun for the nominees of the FTF News Technology Innovation Awards 2023, a competition overseen by Financial Technologies Forum (FTF) and the news service. Industry participants pick the winners. Voting began on March 20 when we officially unveiled the nominees and will end on April 28. We… Read More >>
Global Banks Fear Cybersecurity Most in 2023: Survey
Cybersecurity is the number one 2023 risk for global banks, but geopolitical risk tops European banks’ concerns. So say chief risk officers at global banks, according to a recent survey conducted by Ernst & Young (EY) and written by three senior EY executives. And for the next five years? “Global banking chief risk officers (CROs)… Read More >>
