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December 1, 2016

BoE asks FinTech Firms to Help Warn Banks About Cyberattacks

The Bank of England is recruiting FinTech companies to help prevent cyberattacks targeting financial institutions, according to a report from The Telegraph.

Earlier this year, the Depository Trust & Clearing Corporation (DTCC) conducted a survey, which found that cyber risks topped the list of financial service concerns. According to the survey, 56 percent of respondents ranked cyberattacks within the top five.

Speaking at the Telegraph’s Future of FinTech conference, Claire Sunderland Hay, head of the Bank’s FinTech Accelerator, said one study is focusing on threat intelligence tools.

She said:

We hope [it] will lead to faster sharing of threat [...]

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November 4, 2016

New York Tops City Risk Index for Cyberattack Threats

The increasing risk of cyberattacks has placed New York as the number one city at risk of a cyberattack with $14.08 billion of economic growth at risk, according to Lloyd’s City Risk Index report.

In a joint report with the University of Cambridge, the Lloyd’s City Risk Index 2015-2025 report looked at 301 global cities covering 18 different threats from cyberattacks, tsunamis, solar storms, plant epidemics, terrorism, and market crashes.

According to the report, New York was number one for cyberattack exposure, followed by Los Angeles, Sao Paulo, Paris, and London, which had $7.89 billion of economic growth at risk.

The report noted that as cyberattacks become [...]

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November 1, 2016

The NHS is at Risk of Cyberattacks, Says UK Minister

A U.K. minister for Cabinet has said that cyberattacks present a real threat to the National Health Service (NHS) in the U.K., according to a report from The Telegraph.

In an article for the U.K. daily newspaper, Ben Gummer, minister for Cabinet, said that ‘large quantities of sensitive data’ accessed by the NHS and the U.K. government is targeted by cyberattacks.

Today the U.K. government revealed that it plans to spend £1.9 billion on improving the country’s cybersecurity. Philip Hammond, the Chancellor is expected to announce that it plans to invest in a new unit that is built to hit back at those intent on doing harm to the U.K.

Gummer is reported as saying [...]

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October 5, 2016

Cybersecurity Spending Doubles Threat Growth Sees UK Businesses Spend More On Security

As the threat of cybersecurity grows in the U.K. companies are reported to be spending twice as much to prevent their businesses from being targeted, reports City A.M.

In 2016 budgets spent on cybersecurity more than doubled compared to that spent in 2015. It’s reported that, on average, the budget rose to £6.2 million per business as the threat of cyberattacks continued to increase.

According to a PwC’s yearly Global State of Information Security Survey, the cost of preventing cyberattacks and security breaches on businesses has grown by more than half to £2.6 million. Despite interviewing over 10,000 executives from 133 countries, the survey found that U.K. companies [...]

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