Threat of ‘catastrophic’ cyber attack requires new approach from insurers, new report says November 7, 2022 The potential for a state-backed cyberattack to have a “catastrophic” impact on society requires a new approach to cyber insurance, reinsurance giant Swiss Re has said. The digitalization of critical infrastructure has created a situation in which a large scale cyberattack could have a “devastating” effect on society in having the potential to interrupt the [...]
Exclusive: ‘We have to believe the FCA does things in our best interest’ says fintech chief November 5, 2022 Telecom giant EE said this morning it is planning to burst onto the fast-growing cyber security scene. The operator unveiled new products such as alarm systems and an online cyber security package. The telco’s move underpins the fast-growing character of the cyber security space. Particularly the need for ID verification online seems to be stronger than [...]
British companies are failing to keep up with criminals, in-house lawyers warn November 3, 2022 In-house lawyers working in major British companies are becoming increasingly concerned that the firms they work for are failing to keep up with the methods being used by criminals to carry out financial crime. More than two-thirds of in-house lawyers surveyed by law firm Ashurst said they have concerns about their companies’ abilities to keep [...]
Ransomware conference hosted by White House to be attended by 35 countries and EU October 31, 2022 A ransomware conference with 35 countries, the European Union and some major tech firms will be hosted by the White House. The US President will convene the International Counter Ransomware Summit over two days, with it expected to be attended by security officials, including the FBI’s director and national security adviser. According to reports, a [...]
Telecom giant EE bursts onto the fast-growing cyber security scene with alarm systems October 26, 2022 Telecom giant EE said this morning the company wants to make digital security more accessible to the public. Therefore, the operator unveiled new monthly subscription packages around home and cyber security. EE said customers will be able to buy home security deals – including a home alarm system – and an online cyber security package [...]
UK’s data watchdog warns against ‘complacency’ after fining Interserve £4.4m over cybersecurity breach October 24, 2022 The head of the UK’s data watchdog has vowed to fine firms falling short on cybersecurity after warning “complacency” within companies is the “biggest cyber risk businesses face”. The warnings come after the UK’s Information Commissioner’s Office (ICO) today fined British construction firm Interserve £4.4m over its failure to protect its employees’ data from cyberattacks. [...]
Investment fraud soars to nearly £1bn as criminals increasingly exploit social media October 17, 2022 Almost £900m has been lost to investment fraud in the past year, as police warn about the rise in the use of social media for bogus schemes. The lure of so-called ‘get rich quick’ initiatives have become “rife” during the cost of living crisis, as millions look for fix to their finanical woes. In a [...]
Lloyd’s of London investigates possible cyberattack October 6, 2022 Lloyd’s of London has launched an investigation into “unusual activity on its networks” that could possibly be linked to a cyberattack. The centuries-old insurance marketplace said it has “turned off” all external connectivity and has begun “resetting the Lloyd’s network and systems” as a “precautionary measure,” whilst it investigates the possible hack. “We have informed [...]
Criminals turn to cross-blockchain tools to hide billions in cryptocurrencies October 4, 2022 Criminals are using complex new blockchain technologies to hide and launder billions in ill gotten gains. At least $4bn (£3.6bn) worth of illicit crypto-assets has been laundered via various “cross-chain” technologies, that let both legitimate and illegitimate users move funds between blockchains, analytics firm Elliptic said. Decentralised exchanges (DEXs), cross-chain bridges, and coin-swap services are [...]
Ashurst seeks to capitalise on consulting boom with launch of UK advice business October 3, 2022 City law firm Ashurst is set to expand its services offering by launching a UK consulting business. The Silver Circle firm plans to build on the successes it has had in Australia by launching a London based risk advisory business. Ashurst’s new consulting business will be led by a trio made up of current Ashurst [...]