China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

FINANCE TECHNOLOGY

Cybersecurity in Finance: Getting the policy mix right!

In the midst of several large cyberattacks in 2017, the European Commission adopted its multi-sector cybersecurity package in September of that same year. Whereas this initiative can be expected to contribute to strengthening the cyber-resilience and response of EU financial firms, several policy issues and unanswered questions remain. In order to analyse the issues that are considered to be relevant to financial fields (retail banking, corporate banking, capital markets, financial infrastructure and insurance), CEPS-ECRI organised a Task Force between September 2017 and May 2018 with a group of experts from the financial industry, tech industry, national supervisors and European institutions, as well from a consumer association and a law firm. 

In this Final Report, the Task Force members identify the following nine policy issues that need to be further addressed in order to bolster the financial industry’s cyber-resilience against current and future threats.

Main policy recommendations

  1. Convergence in the taxonomies of cyber-incidents is needed.
  2. The framework for incident reporting needs to be significantly improved to fully contribute to the cyber-resilience of financial firms.
  3. Authorities should assess how and to what extent the data held by the centralised hub should be shared with supervisors, firms and clients.
  4. Ambitious policies are needed to develop consistent, reliable and exploitable statistics on cyber-trends.
  5. Best practices for cyber-hygiene should be continuously enhanced by regulators and supervisors.
  6. The European Cybersecurity Certification Scheme needs to be strengthened to contribute better to cybersecurity, cyber-risk management and capability.
  7. In order to improve the processes of attribution and extradition, the reinforcement of cross-border cooperation and legal convergence remains a priority, both within the EU and more widely.
  8. Best practices in remedies in case of cyberattacks need to be further encouraged.
  9. Policy-makers should further assess the pros, cons and feasibility of creating an emergency fund in case of large cyberattacks.

Richard Parlour

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