National Crime Agency launches criminal investigation over Tesco Bank fraud attack November 8, 2016 The National Crime Agency (NCA) has launched a criminal investigation into the recent fraud attack on Tesco Bank. The National Cyber Security Centre (NCSC) said it was working with the NCA and Tesco Bank, as well as other groups, and said it was "providing direct assistance to the company at their request, including on-site assistance". Tesco Bank uncovered [...]
Tesco Bank fraud attack “unprecedented”, says City watchdog chief November 8, 2016 The head of the City watchdog has today called the attack which has hit thousands of Tesco Bank customers over the weekend "unprecedented and serious". Andrew Bailey was speaking in front of the influential Treasury Select Committee, where he acknowledged there was a shortage of talented tech staff within the banking sector and that the complexity of lenders' [...]
MPs grill City watchdog chief as Tesco Bank and RBS fallout rocks the sector November 8, 2016 Talk about bad timing: The City watchdog boss has today faced a grilling from the influential Treasury Select Committee as the banking industry is still reeling from a hectic few days. Andrew Bailey, chief executive of the Financial Conduct Authority, appeared before the MPs as customers at challenger Tesco Bank await to hear how bad the weekend's [...]
Financial fraud still neglected by most business leaders, despite over a quarter falling victim to or being the target of a scam in the last two years October 28, 2016 Over two-thirds (69 per cent) of business leaders have done nothing to protect their business from financial fraud, research out today has found. Although Financial Fraud Action UK (FFA UK) also discovered that more than a quarter (28 per cent) of businesses had either fallen victim to or been the target of a scam over the [...]
Bank of England head of future technologies: Technology can be cure, not cause, of risk October 20, 2016 Technology shouldn't be feared as being the bringer of risk to financial institutions, a key member of Bank of England staff has said today. "We recognise that new technologies can actually reduce risk," said Will Lovell, head of the future technologies division at the Bank of England, while participating in a panel at a British [...]
UK business doubles security spend as cyber threat grows October 5, 2016 UK businesses are doubling down on cyber security – literally – as they spend twice as much on protecting themselves in the face of growing threats. Cyber security budgets have more than doubled this year compared to last, rising to £6.2m per business, on average, as the costs of incidents rise amid ever growing threats. The cost to [...]
Cyber attacks can cost UK businesses up to £1m, BAE Systems says October 2, 2016 Falling foul to a cyber attack would cost one in 10 UK businesses up to £1m, according to fresh research by BAE Systems. The poll of 100 business leaders from private sectors firms with more than 1,000 employees also showed that the average cost of a cyber attack was at least £330,000. Read more: Cyber attack [...]
Fraudsters hit Brits with a financial scam every 15 seconds September 20, 2016 The UK suffered an incident of financial fraud ever 15 seconds in the first six months of the year, as the rise of scams to obtain passwords, bank details and cash shows no sign of abating. Financial Fraud Action UK (FFA) found more than one million separate accounts of people handing over personal details between January [...]
Lloyd’s of London cyber risk report: 97 per cent of UK businesses have experienced a data breach in the last five years September 19, 2016 UK firms have fared worse than companies in other major European economies on the cyber security front in recent years. According to new data from Lloyd's of London, 97 per cent of UK firms have experienced a data breach in the last five years, against an average of 92 per cent of firms across Europe. Firms [...]
How Edinburgh is driving the fintech revolution August 14, 2016 According to recent figures published by Innovate Finance, global investment in fintech has rocketed from $930m in 2008 to $12.5bn in 2015, with recognised tech clusters such as Edinburgh supporting London’s global dominance. Fintech is, to coin a phrase, white hot right now. It’s not only empowering new start-ups with the ability to launch disruptive [...]