Nearly half (48 per cent) of businesses may lack the necessary backup measures to prevent catastrophic data losses, according to new research from Fasthosts released ahead of World Backup Day on 31st March. In a digital era where data is the most valuable commodity on the planet, businesses must take note. This is further underlined by recent and high-profile data catastrophes such as Pixar’s Toy Story 2 nightmare, GitLab’s data deletion mishap and the unfortunate data loss in Ohio counties. These stark reminders highlight the perilous journey data can take without the safety net of robust backups. Continue reading…

AT&T* has determined that AT&T data-specific fields were contained in a data set released on the dark web approximately two weeks ago. While AT&T has made this determination, it is not yet known whether the data in those fields originated from AT&T or one of its vendors. With respect to the balance of the data set, which includes personal information such as social security numbers, the source of the data is still being assessed. Continue reading…

A quarter of 15 to 29-year-olds in the EU are at risk of poverty or social exclusion1. Growth of instant payments could mean many more young adults will have savings by 2028. ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, instant payments technology, has on 18 March revealed striking new data proving instant payments2 will boost the financial prospects of young adults in the EU. New research from the Centre for Economics and Business Research (Cebr) commissioned by ACI Worldwide shows that for every 5% increase in the volume of instant payments, the number of 15 to 24-year-olds globally who saved money in the last year increased by 15.6% on average. Continue reading…

by Burkhard Balz

The Financial Stability Board recently ran a consultation on a draft report regarding “CCP financial resources in resolution”.[*1] It introduces a so-called “toolbox”. When you hear the word “toolbox”, you might imagine a craftsman with a heavy box full of different tools. For me, a scene from the film “Gran Torino”, directed by Clint Eastwood, comes to mind. A young man from the local neighbourhood is tasked with repairing damages to local homes to make up for past wrongdoing. However, he lacks both experience and suitable tools for the job. A grumpy neighbour, brilliantly portrayed by Clint Eastwood himself and with many years of expertise in repairs, hands him out three basic, but helpful, tools[*2] and advises him to acquire more and more tools over time. This scene reminds me of the beginning of our journey after the financial crisis in 2008. We, too, had repairs to make. Our strategy was, as outlined at the G20 Pittsburgh Summit in 2009, to go for a centralised clearing space in order to make our financial system safer and more resilient. Continue reading…

by Ian Jones

As hybrid work models become the new norm, businesses face a complex set of challenges, particularly regarding data compliance and security. Whilst managing remote teams has become more refined in recent years, there is something that threatens this way of working. That threat is unseen, unsafe and unsuspecting. It’s a digital danger that comes in the form of sensitive data loss, cyber-attacks and data breaches, each one looming ever larger in this evolving working model. The stakes are high. Continue reading…

In a coordinated action supported by Eurojust and Europol, judicial and law enforcement authorities from 10 different countries have severely disrupted LockBit, the world’s most active ransomware operation. Two members of the ransomware team have been arrested in Poland and Ukraine. In addition, law enforcement has compromised LockBit’s primary platform and other enabling infrastructure. This includes the takedown of 34 servers in the Netherlands, Germany, Finland, France, Switzerland, Australia, the United States and the United Kingdom. Continue reading…

Armis, the asset intelligence cybersecurity company, recently announced, The Anatomy of Cybersecurity: A Dissection of 2023’s Attack Landscape. The 2023 analysis of Armis’ proprietary data offers critical insight into the multifaceted challenges global organisations face when it comes to protecting the entire attack surface. Report findings serve as a blueprint to help security teams worldwide prioritise efforts to reduce cyber risk exposure in 2024. Continue reading…

by Eddie Yue

It is a great pleasure to celebrate the 25th anniversary of the ICCHK with the very distinguished audience here today, and the HKMA is very pleased to support today’s (30 November 2023) event. At last year’s ICCHK event, I shared our thoughts on how connecting digital islands can contribute to a more digitally integrated trade finance system, thereby addressing the pain points in trade finance and improving SMEs’ access to financing. Today, I would like to share our thoughts on a more holistic approach to digitising trade and finance in Hong Kong and how we can reaffirm our global leadership through accelerated digitalisation. Continue reading…

by Curtis Simpson

Much like Shakespeare’s final play, which begins with the spectacle of a storm-tossed ship at sea, UK organisations have also found themselves engulfed in a tumultuous cybersecurity tempest. At the eye of the storm is a paradox that highlights the challenges of the digital age. As organisations embrace technological advancements, they inadvertently open themselves up to an ever-growing array of cyber threats. With each new asset or system introduced, the attack surface expands. Coupled with the fact that the cyber landscape is always changing, becoming more sophisticated by the minute, organisations are struggling to keep up. Continue reading…

The Commission welcomes the final agreement reached by the European Parliament and the Council of the EU at the final trilogue on the Regulation introducing European Digital Identity Wallets. This concludes the co-legislators’ work implementing the results of the provisional political agreement reached on 29 June 2023 on a legal framework for an EU Digital Identity, the first trusted and secure digital identity framework for all Europeans. This marks an important step towards the Digital Decade 2030 targets on the digitalisation of public services. All EU citizens will be offered the possibility to have an EU Digital Identity Wallet to access public and private online services in full security and protection of personal data all over Europe. Continue reading…