Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top EU supervisor said, saying banks might be required to hold extra capital as a buffer against what is an emerging threat. Speaking to …
Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells Fargo complied. Over …
Firms across the financial and related professional services industry need to take urgent action on their cyber risks, which present a “real and present danger” to the financial system, according to a new report published by TheCityUK and Marsh. Only …
Guy Carpenter & Co., the global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Cos., has formed a strategic alliance with cyber security specialist Symantec Corp. to create a cyber aggregation model. Cyber attacks are estimated …
Europe’s biggest software company, SAP, is the subject of a U.S. security alert over a vulnerability the firm disabled six years ago that can still give outside attackers remote control over older SAP systems if the software is not properly …
Businesses have lost billions of dollars to fast-growing scams where fraudsters impersonate company executives in emails that order staff to transfer to accounts controlled by criminals, according to the U.S. Federal Bureau of Investigation. Losses from these scams, which are …
Beazley, a pioneer in data breach response insurance and the largest insurer of cyber liability risks in the Lloyd’s market, has partnered with the Corporate Insurance Partner unit of Munich Re to offer broad protection for the digital assets and …
It’s not just computers and mobile phones that are vulnerable to cyber attack, according to software firm Trend Micro. As more devices are hooked up to the internet, it could be anything from medical equipment to industrial machinery – and …
Team8, a cyber security business foundry created by veterans of the Israeli army’s technology and intelligence unit 8200, said it closed a $23 million round of financing. Team8 plans to use the money to develop five companies over the next …
Marsh has announced the appointment of Sir Iain Lobban as senior adviser on cyber risk. Lobban is the former director of the Government Communications Headquarters (GCHQ), the UK’s security and intelligence organization. In the newly created role, Lobban will provide …
