Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
An epidemic of fraud costs the UK economy as much as £125bn every year February 15, 2017 An epidemic of fraud since the global financial crisis has cost the UK economy £125bn every year, according to new research. Business losses from fraud and error have increased by 43 per cent since 2008, according to the research by Crowe Clark Whitehill and the University of Portsmouth’s Centre for Counter Fraud Studies. The research [...]
Could corporate spying be a larger threat to business security than cyber attacks? February 14, 2017 When a fresh-faced graduate reported promptly one morning for his first day at a financial institution, he offered up a passport as identification. Reception staff checked his name off a list of other new recruits and issued him with a building pass to join scheduled induction sessions. He never attended the meetings, and instead swept [...]
More than half of businesses in the UK, US and Germany aren’t fully prepared to deal with a cyber attack February 7, 2017 More than half of businesses (53 per cent) in the UK, US and Germany aren’t fully prepared to deal with cyber attacks, according to a new study of 3,000 companies. Specialist insurer Hiscox’s cyber report – which assessed firms on strategy, resourcing, technology and process – found that UK firms are least likely to have [...]
Tesco Bank’s chief exec says lenders don’t pay customers enough interest on current accounts February 2, 2017 The boss of Tesco Bank has hit out at high street rivals, claiming they make billions of pounds by skimping on the rate of interest paid to customers. Benny Higgins, who led the lender through a mammoth cyber attack on Tesco Bank last November, said the amount of switching between providers remains "stubbornly low", something lenders [...]
EU follows UK lead and considers plans to test bank defences against a cyber attack January 23, 2017 The EU is contemplating plans to test banks' ability to repel cyber attacks in an initiative that would mirror measures already put in place by the Bank of England. Cyber and technological-enabled attacks have been on the Bank of England's radar since 2013 with 30 out of 35 "core firms" having completed the UK's cyber stress testing [...]
The UK has shot up the corporate fraud rankings with an annual spike in incidences January 17, 2017 Fraud incidents have shot up at UK businesses during 2016, catapulting Britain towards the summit of global corporate fraud rankings. Over the last 12 months the proportion of British businesses saying they had been affected by fraud jumped from 74 per cent to 90 per cent. Read more: Rolls-Royce to pay £671m to settle corruption [...]
Yahoo hit by largest cyber attack of all time in second mega-hack December 15, 2016 More than one billion Yahoo user accounts have been hacked after the search engine revealed it had been the victim of the largest cyber attack in history. The breach is the second mammoth attack on Yahoo uncovered this year and has affected more than double the number of accounts compared with a breach revealed in September [...]
Man pleads guilty to TalkTalk hack involvement at Old Bailey, as teenager gets 12-month youth rehabilitation order December 13, 2016 A man has today pleaded guilty to being involved in hacking TalkTalk customers' accounts in 2015. Daniel Kelley, 19, submitted his plea at London's Old Bailey this afternoon. Earlier today, a 17-year-old who admitted to hacking offences related to the 2015 data breach was handed a 12-month rehabilitation order and had his iPhone and PC hard [...]
Digital defence school to bolster UK’s cyber ranks December 4, 2016 Bletchley Park will again house the nation’s top talent as cyber security threats soar, writes Billy Bambrough Over 70 years since Alan Turing and his Bletchley Park colleagues made history during World War II by figuring out the Nazis’ enigma machine, code breakers are set to return to the now famous site. The National College [...]