Cyber security
Visa outage highlights fragility of electronic payments
European network experiences outage for several hours on June 1, due to hardware failure; consumers forced to withdraw cash to make payments
Bank of Mexico admits $15.2 million went missing in cyber heist
Central bank says customers’ accounts were not penetrated; new cyber unit will look to strengthen internal and external controls
Risk-based supervision focus report 2018
This first Central Banking journal focus report on risk-based supervision analyses how central banks, financial regulators and financial institutions can streamline efforts to meet onerous new regulatory and supervisory data requirements.
Danish central bank recommends security upgrade for payment systems
New cyber security measures, risk management rules and stress tests should be implemented
Central banks should create national cyber defence – Canada’s Dinis
Not enough for institutions to maintain their own “alarm systems”, Bank of Canada COO says, highlighting the usefulness of cyber stress tests
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
ECB presents ‘red team’ guidelines for simulated cyber attacks
Test will mimic the techniques of real hackers to better understand banks’ cyber defences
Bahamas central bank upgrades IT to defend against cyber risk
Central bank updates security and threat management systems and introduces a new “bring your own device programme”
No funds taken in cyber breach, Bank of Mexico says
Central bank reveals three participants of interbank payment network experienced “incidents” within internal systems; banks asked to implement “additional controls”
The move to risk‑based supervision
Rapid regulatory change has led to a steep increase in data volumes and policies, and a new environment has opened up for discussions on effective regulatory supervision and a transition to risk-based supervision.
FCA’s McTeague examines cyber risks in open banking
Regulator expects firms to maintain high standards of security despite “potentially uncomfortable” transition period
SNB rejects idea of retail central bank digital currency
Governing board member Andrea Maechler says central bank digital currency would bring “incalculable risks”, and denies that crypto tokens are “comparable with” money
Bank Negara Malaysia ‘foils’ cyber heist
Central bank assures public no funds were lost during incident involving falsified Swift messages
Bank of Canada building systems back-up outside Ottawa – annual report
Cyber risk is becoming “a top priority”, Poloz says
European cyber resilience board holds first meeting
ECB’s Cœuré will chair board consisting of major financial infrastructure companies
Saudi Arabia’s Alkholifey on economic restructuring, reserves and cyber security
The Saudi Arabian Monetary Authority’s governor talks to Christopher Jeffery about the restructuring of the Saudi economy, the impact of low oil prices on reserves and anti-money laundering efforts
Bank of Russia upgrades interbank loan system
The central bank publishes a clutch of documents on financial technology; says hackers stole $6 million via Swift in a “common scheme”
BIS’s Carstens sees danger in rapid technological change
General manager says supervisors should ensure the banking system remains resilient amid numerous challenges to traditional business models
Co-operation key to cyber defence success, says Sarb deputy
Groepe says institutions need to ensure fintech interconnectivity does not cause system failure; new players should be held to the same security standards
Risk management services provider of the year: Openlink
Openlink’s central bank and state agency client base continues to grow, with the addition of a number of new clients, including Queensland Treasury Corporation
Initiative of the year: Bank of England’s FinTech Accelerator
The UK central bank has embraced fintech service providers in a controlled manner to bolster its cyber-security and payments capabilities
HKMA launches consultation on open API framework
Open API enables personalised services for bank users but requires access to customer data
Swift warns of greater cyber threats as security control deadline nears
Customers have until December 31 to implement 16 mandatory controls
EBA highlights ‘cliff-edge Brexit’, cyber and NPL challenges
No-deal scenario could affect banks' ability to fulfil contracts