IT Risk & Security

Danish and Dutch market supervisors take the heat off algos

Since the “Flash Crash” of May 2010 regulators have been concerned to establish just how dangerous algorithmic trading, and in particular high-frequency algorithmic trading, might be. For example, can algorithms used by one firm be provoked by antagonistic algorithms used by another firm into panic selling? Under MiFID II, which comes into force in January »

QA Forum launches with a focus on quality

QA Forum launches with a focus on quality

More than 100 senior quality assurance, test and IT risk management specialists attended the QA Financial Forum held in Canary Wharf on June 28th. Hosted by QA-Financial.com at Level39, London’s leading fintech accelerator and conference venue, the QA Financial Forum featured speakers from leading banks and testing firms. To start the conference, Nevin Thomson, Head »

Singapore regulator to form cloud computing guidelines

The MAS will provide guidance for cloud services

Lim Hng Kiang, deputy chairman of the Monetary Authority of Singapore (MAS), has said the regulator will revise its 2004 outsourcing guidelines to recognise the arrival since then of cloud services for financial firms. Speaking on June 28th at a dinner hosted by the Association of Banks in Singapore, Kiang also said that the new »

FAST forward with the Credit Suisse Automation Factory

FAST forward with the Credit Suisse Automation Factory

Even for a global bank such as Credit Suisse, the transition to automated testing at scale for continuous app deployment is a major undertaking. It can’t be done in one leap. But, as the Credit Suisse’s head of technical testing, Christian Räss, will explain at the QA Financial Forum London on June 28th, the key »

Biometrics to gain ground on passwords for apps

Biometrics is making inroads in the world of finance as banks such as RBS and HSBC trial the technology. The technology uses unique markers, such as fingerprints or iris patterns, to verify the identity of the user of a service. It could potentially eliminate more burdensome forms of access verification, like remembering passwords, replacing them with something more convenient and secure. »

SWIFT announces plan to bolster banks’ cyber-security

SWIFT announces plan to bolster banks’ cyber-security

Gottfried Leibbrandt, CEO of SWIFT, the interbank software and messaging service for bank payments, has announced plans to reinforce its members cyber-security in the wake of February’s $81m theft from the Bangladesh central bank. Thieves used SWIFT instructions to steal the money, and attempted to divert a total of $951m. “I think it will prove »

British Insurance Brokers’ Association announces creation of cyber committee

Steve White, the British Insurance Brokers’ Association chief executive, has announced the creation of a cyber committee to monitor developments in cybersecurity and provide advice to insurance brokers on possible risks. The committee will be made up of technical experts from member firms. Speaking at the association’s annual conference on April 7th, White cited an »

Tricentis survey for Q1 ranks banks behind government bodies in “Fail Watch”

A criminal gang exploited vulnerabilities in the security systems of the central bank of Bangladesh and SWIFT payments software to steal $81 million in February — the most costly software bug classified in the first quarter by Austrian testing service provider Tricentis in its regular Software Fail Watch. But according to Tricentis’s quarterly report on »

BAE Systems blog details Bangladesh malware

Security specialist BAE Systems published blog on Monday April 25th revealing extensive details, including code, of the malware it says was used to hide traces of fraudulent payments by the gang that stole $81m from the Bangladesh central bank last February. According to the blog, authored by BAE Systems security analyst Sergei Shevchenko, the malware was »

DDoS cyber attacks: Europe’s banks need a plan

Shark

It’s an arms race and – right now – banks are losing. A recent casualty was HSBC, which on January 29th saw its online banking system brought down for several hours by a distributed denial-of-service (DDoS) attack. DDoS attacks are getting larger, and better organised. According to a recent report by Massachusetts-based security consultant Arbor »

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