financial industry – Hotel Oliebol http://hoteloliebol.com/ Fri, 25 Mar 2022 12:24:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hoteloliebol.com/wp-content/uploads/2021/10/icon-1-120x120.png financial industry – Hotel Oliebol http://hoteloliebol.com/ 32 32 Ireland-UAE Fintech Collaboration to Drive National Financial Services Transformation Journey https://hoteloliebol.com/ireland-uae-fintech-collaboration-to-drive-national-financial-services-transformation-journey/ Wed, 16 Mar 2022 11:35:22 +0000 https://hoteloliebol.com/ireland-uae-fintech-collaboration-to-drive-national-financial-services-transformation-journey/ Dubai, United Arab Emirates:– Leading Irish Fintech companies will be in Dubai to participate in the Irish Fintech Innovation Showcase event organized by Enterprise Ireland, the Irish Government’s trade and innovation agency in conjunction with the Commercial Bank of Dubai (CBD) and Dubai International Financial Center (DIFC). With a roster of high-level speakers from across […]]]>

Dubai, United Arab Emirates:– Leading Irish Fintech companies will be in Dubai to participate in the Irish Fintech Innovation Showcase event organized by Enterprise Ireland, the Irish Government’s trade and innovation agency in conjunction with the Commercial Bank of Dubai (CBD) and Dubai International Financial Center (DIFC).

With a roster of high-level speakers from across the UAE financial industry, including Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, F. Christopher Calabia, CEO of Dubai Financial Services Authority, Salmaan Jaffery, Director of Business Development at DIFC, the event will also feature keynote addresses from Irish Minister Darragh O’Brien TD, Minister for Housing, Local Government and Heritage and Irish Ambassador to the UAE, Aidan Cronin.

Minister Darragh O’Brien TD is visiting the United Arab Emirates as part of a series of 60 global business events organized by Enterprise Ireland to coincide with St. Patrick’s Day to boost business collaboration with international partners. The series of global events will mark the positive impact that Irish businesses are having across the world. As well as providing innovative solutions to global challenges, Irish businesses employ nearly 1.2 million people worldwide.

Linked to this, Enterprise Ireland has also launched a new international campaign “Ireland: Innovation at the Edge” which highlights the unique conditions at play in Ireland that have led Irish businesses to be among the most innovative in the world and for the world. Irish export economy. to perform well throughout the pandemic.

At the launch of Enterprise Ireland’s series of global events and international campaign, Tánaiste (Deputy Prime Minister) and Minister for Enterprise, Trade and Employment, Leo Varadkar, said: “As global economies emerge from the pandemic, putting two difficult and disruptive years behind us, this provides an opportunity to renew and rebuild valuable relationships with our trading partners.

“I am honored to launch Enterprise Ireland’s international campaign ‘Ireland: Cutting Edge Innovation’. This campaign is also about what Ireland offers as a country to our entrepreneurs. We are a small open economy, a country on the edge of the Atlantic and at the heart of the European Union, a bridge between Europe and the United States, where the giants of technology meet the most creative minds in the world, where cutting-edge research and industry work hand in hand.

Welcoming the Irish Fintech Innovation Showcase in Dubai, Irish Minister Darragh O’Brien TD said, “I am delighted to be here in Dubai to showcase Ireland’s extensive fintech capabilities. Through our collaborative approach, Irish businesses are partnering with leading financial institutions across the world to drive well their financial services technological transformation.The UAE is a key priority for the Irish fintech sector which has extensive expertise and innovative products to help meet the growing demand for global cutting-edge solutions that we are seeing in the country.

Irish fintech innovation can underpin UAE’s financial services transformation boom

Globally, fintech is outpacing other finance subsectors in terms of growth. Over the next three years, the global fintech market is expected to grow at around 20% per year to reach a market value of $305 billion by 2025.

Having identified fintech development as a national priority, the UAE is among the countries leading the way in embracing technological innovation that is transforming the financial services of tomorrow.

To achieve this national priority, collaboration will be key to realizing the UAE’s ambitions and is demonstrated by today’s event, the Irish Fintech Innovation Showcase, which brings together a range of partners in this joint agenda.

Highlighting the region’s largest innovative ecosystem, Commercial Bank of Dubai (CBD) showcased its recently launched CBD Digital Lab, the first initiative by a UAE bank to establish an R&D facility in the DIFC InnovationHub.

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said: “We are delighted to host and support Enterprise Ireland at the CBD Digital Lab. This initiative aligns well with our commitment to support our clients’ ambitions and helps support the growing FinTech ecosystem in the UAE. I am especially excited to see new ideas and innovations from Irish FinTech partners and leverage their knowledge and expertise for the benefit of residents of the UAE.

Several major Irish fintech players are already operating in the region with others in late-stage discussions that will lead to the potential adoption of their fintech solutions in the UAE and across the region.

With the Enterprise Ireland team on the ground in the UAE and the wider region, Fintech has been singled out as a priority opportunity for major growth. Stephen Twomey, Senior Market Advisor for FinTech at Enterprise Ireland MENA, said: “The FinTech scene in the UAE and across the Middle East is both vibrant and thriving, with plenty of opportunities for Irish companies to bring their world-leading solutions to support the region’s financial sector. Irish FinTech is well received in this region for its innovative technology and ability to solve complex problems. Through collaborations such as these at the Irish Fintech Showcase event with Commercial Bank of Dubai and DIFC, to name a few, it will lead to more and more Irish fintech innovations making part of the transformation of the financial services sector in the region.

Ireland is respected around the world as a Fintech innovation engine

As a global hub for financial services and technology, Ireland is a major source of fintech innovation, with knowledge and expertise valued around the world. This reputation as a powerhouse for Irish fintech innovation is due in part to decades of R&D funding provided by the Irish government to create an innovation ecosystem, as well as being a global tech hotspot with eight of the top 10 global software companies headquartered in Europe. in Ireland. The country’s concentrated tech industry spawns a rich flow of talent and world-class start-ups.

Combine that with the fact that Ireland is home to over 250 of the world’s largest financial services firms and serves over 40% of all global hedge fund assets. This makes Ireland the fourth largest exporter of financial services in the European Union.

Enterprise Ireland is proactive in helping its Fintech sector thrive and compete globally. The state agency currently supports more than 200 Irish fintech companies and is the second largest fintech investor in the world by number of deals. So it’s no surprise that six Irish fintech companies feature on the global Regtech 100 list.

Leading Irish fintech innovators take part in Dubai Showcase

The nine leading Irish fintech companies present at the Irish Fintech Innovation Showcase offer cutting-edge solutions in the areas of payments, retail banking technology, compliance, identity management and network management.

  • CR2: A world-leading provider of digital banking platforms, we offer the widest range of physical and digital banking channels today.
  • daon: An innovator in the development and deployment of biometric authentication and identity assurance solutions worldwide. Daon has pioneered methods to securely and conveniently combine biometric and identity capabilities across multiple channels with large-scale deployments that span payment verification, digital banking, wealth, insurance, telecommunications and securing borders and critical infrastructure.
  • DX-Compliance: By helping banks, FinTechs and payment providers continuously monitor risk and detect the threat of money laundering to ensure compliance and reduce fines, Dx Compliance does this by dramatically improving the status quo in alerts generated, data collected and workflows to investigate and report to relevant authorities.
  • Fexco: Having invested in technology to develop and deliver the best solutions to meet client needs, Fexco processes more than 14 billion euros in transactions per year in the foreign exchange, treasury, digital tax and financial sectors. government-backed funding. Fexco has developed in-depth expertise in governance and risk management, as well as long-lasting relationships with international financial institutions and banks.
  • Fund receipts: Develops cloud-based reconciliation software for the global funds industry. Fund Recs products help fund administrators, custodians, fund managers and audit firms reconcile complex data.
  • Intuition: A leading global knowledge solutions company, with offices located around the world, Intuition has developed and deployed award-winning products and services to many of the world’s largest enterprises and public sector organizations for more than 30 years. Intuition helps businesses use knowledge effectively.
  • My ex : The world’s largest and oldest DCC (Dynamic Currency Conversion) provider and a leader in online multi-currency pricing. They are deploying next-generation multi-currency card payment solutions for merchants, payment processors and banks around the world.
  • Dive: The one stop shop for businesses. Swoop is here to simplify and speed up the process for companies to access grants, debt and equity.
  • TransferMate Global Payments: Global B2B payments technology company, enabling businesses to send and receive cross-border payments faster and easier than ever.

-Ends-

About Enterprise Ireland

  • Enterprise Ireland is the Irish government’s agency for trade and innovation.
  • We invest in the most innovative Irish companies at all stages of their growth and connect them to international clients across multiple sectors.
  • Our aim is to establish successful and long-term business relationships between international companies and Irish partners.
  • With 40 offices around the world, including the United Arab Emirates (Dubai and Abu Dhabi) and Saudi Arabia (Riyadh), Enterprise Ireland’s teams of industry experts consult with international companies to understand and solve their business needs.

About Enterprise Ireland’s global campaign

For reference, please contact:
Robin Gordon-Farleigh, founding partner at Manara Global
Email: Robin@manaraglobal.com

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Financial industry giants unveil AI challenges https://hoteloliebol.com/financial-industry-giants-unveil-ai-challenges/ Thu, 03 Mar 2022 18:58:45 +0000 https://hoteloliebol.com/financial-industry-giants-unveil-ai-challenges/ NEW YORK — From credit cards to title insurance to lending and even fraud and risk management, the financial industry is using AI tools and technologies. But implementing these tools and solving their inherent problems has proven difficult for financial institutions. This was the sentiment shared by major credit card providers, insurance companies and banks […]]]>

NEW YORK — From credit cards to title insurance to lending and even fraud and risk management, the financial industry is using AI tools and technologies. But implementing these tools and solving their inherent problems has proven difficult for financial institutions.

This was the sentiment shared by major credit card providers, insurance companies and banks at the Ai4 Financial Summit 2022 here on March 1. The application of AI tools in finance is necessary for many institutions, and many plan to increase their budget to continue implementing the tools.

According to a November 2021 report from Enterprise Strategy Group, 65% of 706 senior IT professionals in the financial industry plan to increase their IT budget in 2022.

Among this increase, 62% of respondents say they are likely to increase their spending on artificial intelligence and machine learning.

However, as finance involves sensitive consumer and big business data, some companies find themselves trying to balance the benefits and risks of AI tools.

The number one problem for companies using AI technologies in finance is lack of education, said Priya Rajan, CMO at DataVisor, during a panel discussion on AI and credit cards at the conference. .

DataVisor, a fraud and financial crime detection company, uses AI and machine learning to identify fraudulent attacks. But, Rajan said, so much is still unknown about AI that it’s hard to identify what is real AI and what isn’t.

“Education is such an important part of this transformation in this industry and I expect that to continue over the next decade as we are only scratching the surface of what technology is and what she can do,” Rajan said.

The challenges of AI in finance

Another challenge is explainability, said Clay Jackson, vice president of product management for small business cards at Capital One, during the roundtable.

Credit card providers are placed in a tricky situation where not extending someone more credit can mean that person can’t pay funeral expenses or find a job.

“We are taking actions that impact the lives of customers,” Jackson said.

When a customer is denied credit, institutions need to be sure why they are saying no, Jackson said.

“I feel like the explainability issue is slowing us down,” he said. “And for the right reasons.”

Artificial intelligence tools also pose privacy and bias issues for the credit card industry, said Rick Ballmann, vice president of engineering, data intelligence and customer experience at American Express. , during the same round table.

While banks and financial institutions can offer loans to consumers based on where they’re currently spending their money, that doesn’t mean they should, Ballmann said.

“It’s like knowing the line between going too far and what the customer would appreciate as good customer service,” he continued. “That’s not exactly what’s possible, [but] what is the right thing to do for the customer.”

Using AI tools in fraud detection also presents data privacy Questionssaid Besa Abrashi, senior project manager at American International Group (AIG), a finance and insurance company.

As a member of AIG’s fraud detection team, she said there are different data privacy regulations and procedures that must be followed when exchanging data from one location to another – onsite, offsite or in the cloud.

“You have to go through all these data privacy regulations and procedures to get all the approvals,” Abrashi said.

To be able to stay competitive in the game, you have no choice but to grow your AI lab space within your organization.

michelle wangChief Managing Officer, Wells Fargo

AI software vendors need to be flexible about where they install their AI platforms to ensure that financial institutions can avoid data privacy issues, Abrashi continued.

“Especially now with all the regulations that are getting stricter and stricter in terms of what kind of data you can share,” she said. “Everything now is PII [personally identifiable information]. Not only first and last name, but they consider all PII.”

In the reinsurance industry, AI tools have the potential to solve many problems, but their integration is the problem, said Dean Marcus, actuary at Guy Carpenter & Company, a New York-based reinsurance firm.

“Partly because of the data challenges…but also just because of calibrating the models and ensuring they do what you want them to do in a timely manner,” Marcus said.

Despite all these challenges, financial institutions have no choice but to use AI tools to stay competitive, said Michelle Wang, chief management officer at Wells Fargo.

Wang works in Wells Fargo’s risk management department, which uses artificial intelligence technologies for things like data analysis, she said.

“As new users, it’s always difficult to figure out how to use the tools that are available to us,” she said. “To be able to stay competitive in the game, you have no choice but to grow your AI lab space within your organization.”

Enterprise Strategy Group is a division of TechTarget.

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IIT Madras Digital Skills Academy Launches Advanced Online Banking and Financial Services Course https://hoteloliebol.com/iit-madras-digital-skills-academy-launches-advanced-online-banking-and-financial-services-course/ Fri, 25 Feb 2022 10:51:11 +0000 https://hoteloliebol.com/iit-madras-digital-skills-academy-launches-advanced-online-banking-and-financial-services-course/ IIT Madras, InFact Pro will collaborate to offer a refresher program to train students in Banking and Finance, Digital Banking, Mutual Funds Indian Institute of Technology (IIT) Madras NEW DELHI: The Indian Institute of Technology (IIT) Madras is collaborating with InFact Pro, a leading Certified Financial Industry Trainer based in Chennai, to launch a development […]]]>

IIT Madras, InFact Pro will collaborate to offer a refresher program to train students in Banking and Finance, Digital Banking, Mutual Funds

Indian Institute of Technology (IIT) Madras

NEW DELHI: The Indian Institute of Technology (IIT) Madras is collaborating with InFact Pro, a leading Certified Financial Industry Trainer based in Chennai, to launch a development program called ‘Premier Banker’ which will train students in banking and finance, digital banking, mutual funds, financial health analysis and forecast.

Recommended: Get important details about IIT Madras. Download brochure

The Premier Banker course will be launched by IIT Madras Digital Skills Academy through the IITM Center for Continuing Education (CCE). The duration of the course will be four to six months with 240 hours of training. The course module includes questions and assignments to help students succeed in a career in banking and financial services. Those who successfully complete the course will receive a certificate from the Center for Continuing Education, IIT Madras, a statement from the institute said.

Read also | JEE Advanced 2022 July 3: IIT Bombay Announces Exam, Registration Dates

IIT Madras Premier Banker Course Eligibility

  • Applicants must have a bachelor’s degree in any discipline or be in the second or third year of an undergraduate program.

  • Applicants must have a passion to excel in the BFSI field.

  • Previous work experience in banking or financial services is preferred but not required.

Read also | IIT Madras Pravartak Technologies Foundation offers Certificate Course in Engineering Simulation Software

“It is very important to offer up-skilling and development courses in a timely manner and also to focus on current markets and their requirements. As our nation aims to rapidly evolve into a $5 trillion economy, it is important that such programs are soon offered with the help of leading professors in finance and banking sector training companies, such as this that our academy has offered,” said K Mangala Sunder, Head of Digital Skills Academy, Continuing Education Center at IIT Madras.

Further details of the course such as course fees and syllabus can be obtained from skillscademy.iitm.ac.in.


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3 ways AIOP can benefit the financial industry https://hoteloliebol.com/3-ways-aiop-can-benefit-the-financial-industry/ Mon, 21 Feb 2022 11:27:31 +0000 https://hoteloliebol.com/3-ways-aiop-can-benefit-the-financial-industry/ by Madhurjya Chowdhury February 21, 2022 AIOps uses analytics and machine learning to automate and improve IT operations Many financial institutions are increasing their online offerings to bolster their digital presence and address growing customer reliance on virtual banking. However, the financial sector is still slow to implement automation that will increase its competitive advantage. […]]]>

by Madhurjya Chowdhury
February 21, 2022

AIOps uses analytics and machine learning to automate and improve IT operations

Many financial institutions are increasing their online offerings to bolster their digital presence and address growing customer reliance on virtual banking. However, the financial sector is still slow to implement automation that will increase its competitive advantage. According to Cornerstone Advisors, only 57% of banks and credit unions started digital transitions before 2021. Only 14% of those who were at least marginally in their digital transitions were using machine learning (ML).

Let’s see why enhanced automation and, in particular, AIOps are essential to be competitive in today’s financial industry.

What is AIOps?

AIOps is short for Artificial Intelligence in IT Operations. It refers to multi-layered technology solutions that use analytics and machine learning to automate and improve IT operations. AIOps platforms use big data, collecting a wide range of data from multiple IT operating tools and devices to automatically detect and respond to issues in real time while offering traditional historical insights. AIOPs are made up of Machine Learning and Big Data. To integrate observational data alongside interaction data within a big data platform, it is necessary to break out of computer data silos.

AIOP in the financial sector

Technology is now fundamental to the operation of financial institutions, with many organizations relying on technology to deliver key services. Therefore, system availability is critical to customer happiness and business performance, and systems must be continuously monitored. Modern IT architectures, on the other hand, are fragmented, complicated and interconnected, and the data is too big for the human mind to handle.

Artificial intelligence for IT operations is now available (AIOps). Artificial intelligence is used in AIOps technologies to help SRE teams and DevOps practitioners monitor complex IT stacks, identify – and even predict – events, and provide actionable insights into repairs.

Here are some specific ways AIOps can help the financial industry:

Improve the customer experience

Consumers today have no tolerance for delays, and the stakes are especially high when it comes to personal finance. AIOps technologies help prevent downtime affecting customers by quickly locating and identifying issues within a system and establishing their root cause. As a result, service assurance improves and mean time to resolution (MTTR) decreases, resulting in satisfied customers.

Defend yourself against cybercrime

According to BAE Systems Applied Intelligence, approximately three-quarters (74%) of financial institutions in the US and UK experienced an increase in cybercrime from March 2020 to March 2021. AIOps can help defend against the cybercrime and its potentially disastrous risks. financial consequences for companies falling stock prices, reputational damage and legal action, in addition to known monetary losses. AIOps products provide round-the-clock monitoring, detect suspicious behavior and initiate defensive operations to secure vulnerable systems.

Free up time to innovate

While SRE and DevOps teams should develop creative technology that delights consumers and increases profitability, many are still reactive. Without the right tools, teams can waste days wading through incidents, putting out fires, and missing strategic goals. AIOps tools free up time by automating mundane operations, minimizing noise, matching events, and increasing system visibility to facilitate team cooperation.

Conclusion

Digital banking will become more mainstream as people embrace the virtual experiences and flexibility of always-on digital solutions. However, financial institutions must prepare for this transformation while dealing with increased consumer expectations for availability and advanced technology, and the growing dangers of cybersecurity. AIOps is critical to solving these issues and establishing competitive advantage in today’s fiercely competitive financial industry.

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Britain’s scandal-ridden financial industry is not a model for sustainable economic development https://hoteloliebol.com/britains-scandal-ridden-financial-industry-is-not-a-model-for-sustainable-economic-development/ Fri, 18 Feb 2022 14:48:43 +0000 https://hoteloliebol.com/britains-scandal-ridden-financial-industry-is-not-a-model-for-sustainable-economic-development/ “The City of London has never been a model of responsible conduct whatsoever. It has plundered people’s savings, investments and pensions for decades. Prem Sikka is Emeritus Professor of Accountancy at the University of Essex and the University of Sheffield, Labor Member of the House of Lords and Editor of Left Foot Forward.. Brexit has […]]]>

“The City of London has never been a model of responsible conduct whatsoever. It has plundered people’s savings, investments and pensions for decades.

Prem Sikka is Emeritus Professor of Accountancy at the University of Essex and the University of Sheffield, Labor Member of the House of Lords and Editor of Left Foot Forward..

Brexit has unleashed the forces of deregulation and a new bill is on the way. Proponents of the bill call the success of the financial sector and the City of London the epitome of deregulation and free markets. They have short memories.

The City of London has never been a model of responsible driving. He plundered people’s savings, investments and pensions for decades. It gets away with it because it colonized the state to secure privileges that no other sector enjoys. No other sector has received so much public money.

Between 1995 and 2015, the scandal-ridden financial sector made a negative contribution of £4.5 trillion to the UK economy. This deprived other sectors of graduate talent, investment and resources and stunted the development of the UK economy.

The financial industry has missold virtually all financial products and engaged in fraud, tax evasion, money laundering and other nefarious practices. The 2007-2008 crash revealed reckless risk-taking, fraud and unsustainable speculation. The markets did not save the banks and building societies which collapsed. The state provided around £1.162 billion in support to bail out failing banks and old building societies.

Of course, this is not the first time the financial sector has wreaked havoc. The secondary banking crash of the mid-1970s revealed the usual story of reckless speculation, fraud and fiddling. The crisis has spread to the real estate and insurance sector. The state bailed out the city.

In the 1980s, Lloyd’s reeled under the weight of fraud and Johnson Matthey collapsed. The state came to the rescue. Other frauds were uncovered in the 1990s at Barlow Clowes, Dunsdale, Barings and the Bank of Credit and Commerce International (BCCI). The state has done little to change the get-rich-quick culture in the City of London.

Rather than curb predatory practices, the state has handed over £895bn in the form of quantitative easing to the financial sector. This inflated the price of stocks, corporate bonds and real estate to allow the surging class to become even richer. Imagine what an £895bn investment in productive assets would have done to transform the UK economy.

The virtual absence of the threat of bankruptcy has encouraged banks to engage in predatory practices. Banks forge customer signatures to confiscate people’s homes and businesses. Regulators do little.

The UK has become a major hub for money laundering, despite officially posing a national security threat. It is estimated that around £100 billion a year is laundered. The government facilitates the flow of dirty money into the UK. Front companies and false identities, key tools for illicit financial flows, are provided in unlimited supply by Companies House. Anyone can use any imaginary name and address to set up a business, without authentication verification.

Banks are required to enforce Know Your Customer (KYC) checks and verify the identity of account holders, but why waste a lucrative opportunity when they are safe from the threat of bankruptcy. Fines are easily passed on to customers in the form of higher fees

NatWest is the only example of a UK bank to have pleaded guilty to money laundering. Despite KYC rules, a client with an annual turnover of £15m managed to deposit £365m over five years, including £264m in cash delivered in bin bags. NatWest paid a £265m fine. No action is taken against a director.

Attempts to reform legislation and regulatory structures are rebuffed. This week, a lawmaker (also a former minister) explained how he relied on him to press the government to introduce a public register of foreign owners so that the real owners and beneficiaries of the dirty money can be identified. The legislator explained that “over a period of five years, successive ministers offered me emollient promises that the dossier was in hand. What happened? Absolutely nothing”.

Last year, during a debate in the House of Lords on the Financial Services Bill, I drew attention to the way the government was protecting HSBC. In 2012, US authorities fined the bank $1.9 billion for allowing “drug traffickers and others to launder hundreds of millions of dollars through HSBC subsidiaries, and to facilitate hundreds of millions more in transactions with sanctioned countries”. HSBC “accepted responsibility for its criminal conduct and that of its employees” and escaped prosecution by entering into a deferred prosecution agreement.

Despite the highest fine in the world, at the time there was no investigation in the UK. A subsequent investigation into the US failure to prosecute a criminal bank showed that the UK Chancellor, the Bank of England government and the head of the Financial Services Authority (predecessor of the current Financial Conduct Authority) had secretly urged the US to go easy on HSBC. My speech to parliament did not elicit any remorse, apologies or promises of transparency from the government.

A bloated and scandal-ridden financial industry is not a model for sustainable economic development. If the government really believes in its free-market rhetoric, then it needs to cut the city’s losses and make sure it’s not the recipient of public money and political cover-ups.

As you are here, we have something to ask you. What we do here to deliver real news is more important than ever. But there’s a problem: we need readers like you to help us survive. We provide progressive and independent media that challenges the hateful rhetoric of the right. Together we can find the stories that get lost.

We are not funded by billionaire donors, but rely on readers contributing whatever they can afford to protect our independence. What we do is not free and we operate with few means. Can you help us by donating as little as £1 a week to help us survive? Whatever you can give, we really appreciate it – and we’ll make sure your money goes as far as possible to deliver impactful news.

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Is security awareness training effective in the financial industry as employees work from home? https://hoteloliebol.com/is-security-awareness-training-effective-in-the-financial-industry-as-employees-work-from-home/ Thu, 10 Feb 2022 19:10:18 +0000 https://hoteloliebol.com/is-security-awareness-training-effective-in-the-financial-industry-as-employees-work-from-home/ Research from Tessian found that one in three employees believe they can engage in riskier behavior when working remotely. Pictured: Employees of a technology start-up work at their desks in the office on March 24, 2021 in San Francisco. (Photo by Justin Sullivan/Getty Images) It is often said that the weakest link in the safety […]]]>
Research from Tessian found that one in three employees believe they can engage in riskier behavior when working remotely. Pictured: Employees of a technology start-up work at their desks in the office on March 24, 2021 in San Francisco. (Photo by Justin Sullivan/Getty Images)

It is often said that the weakest link in the safety chain is the human operator, be it an employee or even a customer.

To that end, banks, credit unions, investment firms, and insurance companies have embraced “security awareness training” over the past twelve years or so with the goal of bringing their employees into the fold of cyber hygiene, to get them to be part of the solution, not the problem. In fact, nearly half of business leaders (47%) say “human error” is responsible for the breaches they have experienced, according to research by Shred-It.

In other words, financial companies conducted these awareness programs, using internal IT security personnel and external consultants, with the aim of ensuring that their employees would follow basic security practices such as using strong passwords, which they change regularly; adopt multi-factor authentication, if necessary; not share their work computer or other devices with colleagues or friends; and not use any external devices (such as their own personal mobile device or a USB key that they collect).

“It’s no surprise that security awareness training is growing in popularity, but I would bet that the unchanged or declining effectiveness of this training is due to the type of training used,” said Daniel Trauner, senior director of security at Axonius. “Everyone wants a cheap, quick-to-implement, and unique solution to the perennial problem of human behavior.”

Much of this training comes in the form of phishing simulations or other exercises designed to trick employees, which “are both simple to implement and easy to measure,” Trauner added.

The rules can vary considerably, even within the financial sector, depending on the activities of the institution and the role of the employees themselves. However, as financial fraud has grown rapidly over the past two years (growing even faster than it had been), getting financial employees to follow the rules has been a challenge, especially in a large organization where people often work remotely. According to Trend Micro, ransomware attacks against banks increased by 1,318% last year, while cases of basic fraud increased by 238%.

Over the past two years, with so many employees working remotely full-time or part-time and the pressures brought on by the pandemic, employees have arguably become sloppy and overwhelmed. After two years of recurring lockdowns, mask-wearing and general stress, Tessian’s research found that 56% of IT security managers think employees have bad cybersecurity habits. It indicates that 1 in 3 employees believe they may engage in riskier behavior when working remotely. This, in turn, has led to unintentional – as opposed to malicious – insider risk.

According to recent research published by Code42, the financial industry does better than most industries in raising security awareness and developing insider risk programs – with more than 2 in 5 (41%) of financial firms dispensing employee data security training every week, and 19% more do it every month.

Yet the same study found that more than three-quarters (78%) of finance survey respondents believe data security training for employees should happen more often, and a full half of finance executives (50% ) think their organizations should “completely overhaul” how they do data security training.

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Financial services regulation: Focus on stability and net zero, government urges https://hoteloliebol.com/financial-services-regulation-focus-on-stability-and-net-zero-government-urges/ Fri, 04 Feb 2022 00:06:58 +0000 https://hoteloliebol.com/financial-services-regulation-focus-on-stability-and-net-zero-government-urges/ Citizens and campaigners have urged the government to rethink its pursuit of “competitive” financial regulation in favor of rules focused on building a stable financial system that protects the environment and consumers. Results of a survey of more than 2,000 people this morning by the charity Finance Innovation Lab reveal that nine out of 10 […]]]>

Citizens and campaigners have urged the government to rethink its pursuit of “competitive” financial regulation in favor of rules focused on building a stable financial system that protects the environment and consumers.

Results of a survey of more than 2,000 people this morning by the charity Finance Innovation Lab reveal that nine out of 10 people think international competitiveness should “not be a top priority” in financial services regulation post-Brexit.

The polling exercise comes as 37 charities and public interest groups have come together to call on the government to stage the ‘once in a generation’ overhaul of financial services regulation that is currently underway to push the situation forward economic, environmental and social of the United Kingdom. goals. As such, they called on the government to reduce its focus on boosting international competitiveness and give regulators new obligations to compel them to take action to help meet the UK’s emissions reduction targets. and to meet its commitments under the Paris Agreement.

The government is currently proposing to introduce a new objective for financial regulators which would give them a mandate to promote the international competitiveness of the UK financial industry, with consultation on this until February 9.

The proposal met significant opposition, with critics noting the plans risked eroding the independence and ability of regulators to act in the public interest and could result in watered down financial standards.

Competitiveness was dropped from the targets of UK financial regulators in 2012 following the global financial crisis, amid fears it had led to light regulation that would have allowed financial firms to take risks forever taller. A range of organisations, including the International Monetary Fund, Oxfam and the Tax Justice Network, have warned that focusing on competitiveness is risky because when a financial sector gets too big it can start sucking up resources of the real economy and reduce productivity. , creates instability and generates inequalities.

Greenpeace, the Tax Justice Network and Tax Justice UK, RSPB, ShareAction, Positive Money, Make My Money Matter and Uplift are among organizations that have announced they are “strongly opposed” to the introduction of statutory targets for regulators to promote the international competitiveness of the industry.

The groups instead called for regulators to be given the goal of aligning the financial system and its regulatory framework with the Paris Agreement’s 1.5°C temperature target, while taking into account the importance of nature conservation.

They warned that the current plans could undermine the UK’s climate targets and green finance ambitions, while undermining the independence of regulators.

“Just a decade ago, the UK Parliament acknowledged that regulators’ focus on competitiveness had contributed to the global financial crisis of 2007/08 – the cataclysmic event that cost the UK $10 billion. global economy and has seen millions of people lose their savings, homes and jobs.” “In the words of Andrew Bailey of the Bank of England in 2019, when he was CEO of the Financial Conduct Authority, the regulator ‘was required to take into account the competitiveness of the UK, and it does not is well over, for anyone”. The Chancellor’s laudable goal of making the UK the world’s first net zero financial center would be undermined if the risk of instability deters the private investment urgently needed to fund a climate transition. correct.

The group also called on the government to give regulators new functions to promote financial inclusion and take steps to increase public accountability and transparency in financial services by creating a new register of lobbyists and introducing a new committee. Joint Financial Services Committee in Parliament responsible for reviewing legislation and regulation.

Jamie Audsley, head of future nature at RSPB, said the current proposals missed a “golden opportunity” to cement the UK’s position as a global leader in green finance.

“Giving regulators a statutory target to consider our climate targets would be a world first and help cement the victories of the Glasgow COP,” he said. “The review is a great opportunity to make the UK the world’s first net zero financial center and align finance with the government’s climate goals, delivering on the Chancellor’s vision of ‘rewiring the financial system for Net Zero. “.”

The Treasury was considering a request for comment at the time of going to press.

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The financial industry revealed as the sector most at risk from cyberattacks https://hoteloliebol.com/the-financial-industry-revealed-as-the-sector-most-at-risk-from-cyberattacks-2/ Mon, 31 Jan 2022 23:48:00 +0000 https://hoteloliebol.com/the-financial-industry-revealed-as-the-sector-most-at-risk-from-cyberattacks-2/ The financial industry has emerged as the sector most at risk from cyberattacks, according to a new study published by Trellix. The data revealed an increased presence of advanced persistent threat actors and ransomware groups that focused on financial services in the third quarter of 2021. During this time, cybercriminals have been proven to use […]]]>

The financial industry has emerged as the sector most at risk from cyberattacks, according to a new study published by Trellix.

The data revealed an increased presence of advanced persistent threat actors and ransomware groups that focused on financial services in the third quarter of 2021.

During this time, cybercriminals have been proven to use alternate personas to continue using ransomware against a growing range of industries. This has allowed them to hit the financial, utility and retail sectors most often, accounting for nearly 60% of ransomware detections.

Financial services topped the list as the most notable industry for publicly reported cyber incidents, up 21% in Q3 and reported in 40% of APT observations. This vital economic sector also leads all industries in terms of ransomware samples detected and APT group activity in general.

The DarkSide ransomware group acting as BlackMatter has been found to have experienced a significant resurgence, despite the group’s claim that it has ceased to function.

While claiming responsibility for the Kaseya VSA ransomware attack that shut down hundreds of supermarkets for several days, the quarter also saw the REvil/Sodinokibi ransomware family continue to dominate in their ubiquity as they had in second quarter, accounting for nearly half of Trellix’s ransomware. detections.

Trellix chief scientist and colleague Raj Samani says the pandemic has increased opportunities for attackers to approach certain markets, with new vulnerabilities being exploited by new tools.

“While we ended 2021 focusing on a resurgent pandemic and the revelations around the Log4j vulnerability, our Q3 deep dive into cyber threat activity found some notable new tools and tactics among ransomware groups and threat actors. advanced players in the global threat,” he said.

In terms of the regional location of threat actors, the third quarter of 2021 showed that threat activities believed to originate from Russian and Chinese nation-state-backed groups were responsible for almost half (46% combined) of all observed APT threat activities. This assessment was based on an analysis of available technical indicators and other research.

While malware was the most frequently used technique in reported incidents in Q3 2021, reported malware incidents decreased by 24% compared to Q2 2021.

Formbook, Remcos RAT and LokiBot accounted for nearly 80% of malware detections in Q3 2021, with Formbook being present in more than a third of attacks.

Samani says that the information provided in the report provides insight into the risks companies in the financial sector are facing due to the sudden emergence of new threat technologies.

“This report provides greater visibility into the use and abuse of ransomware group personas, how nation-state APT actors are seeking to dig deeper into finance and other critical industries , and new Living off the Land attacks leveraging Microsoft’s native system tools in new ways.”

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The financial industry revealed as the sector most at risk from cyberattacks https://hoteloliebol.com/the-financial-industry-revealed-as-the-sector-most-at-risk-from-cyberattacks/ Mon, 31 Jan 2022 23:48:00 +0000 https://hoteloliebol.com/the-financial-industry-revealed-as-the-sector-most-at-risk-from-cyberattacks/ The financial industry has emerged as the sector most at risk from cyberattacks, according to a new study published by Trellix. The data revealed an increased presence of advanced persistent threat actors and ransomware groups that focused on financial services in the third quarter of 2021. During this time, cybercriminals have been proven to use […]]]>

The financial industry has emerged as the sector most at risk from cyberattacks, according to a new study published by Trellix.

The data revealed an increased presence of advanced persistent threat actors and ransomware groups that focused on financial services in the third quarter of 2021.

During this time, cybercriminals have been proven to use alternate personas to continue using ransomware against a growing range of industries. This has allowed them to hit the financial, utility and retail sectors most often, accounting for nearly 60% of ransomware detections.

Financial services topped the list as the most notable industry for publicly reported cyber incidents, up 21% in Q3 and reported in 40% of APT observations. This vital economic sector also leads all industries in terms of ransomware samples detected and APT group activity in general.

The DarkSide ransomware group acting as BlackMatter has been found to have experienced a significant resurgence, despite the group’s claim that it has ceased to function.

While claiming responsibility for the Kaseya VSA ransomware attack that shut down hundreds of supermarkets for several days, the quarter also saw the REvil/Sodinokibi ransomware family continue to dominate in their ubiquity as they had in second quarter, accounting for almost half of Trellix’s ransomware. detections.

Trellix chief scientist and colleague Raj Samani says the pandemic has increased opportunities for attackers to approach certain markets, with new vulnerabilities being exploited by new tools.

“While we ended 2021 focusing on a resurgent pandemic and the revelations around the Log4j vulnerability, our Q3 deep dive into cyber threat activity found some notable new tools and tactics among ransomware groups and threat actors. advanced players in the global threat,” he said.

In terms of the regional location of threat actors, the third quarter of 2021 showed that threat activities believed to originate from Russian and Chinese nation-state-backed groups were responsible for almost half (46% combined) of all observed APT threat activities. This assessment was based on an analysis of available technical indicators and other research.

While malware was the most frequently used technique in reported incidents in Q3 2021, reported malware incidents decreased by 24% compared to Q2 2021.

Formbook, Remcos RAT and LokiBot accounted for nearly 80% of malware detections in Q3 2021, with Formbook being present in more than a third of attacks.

Samani says that the information provided in the report provides insight into the risks companies in the financial sector are facing due to the sudden emergence of new threat technologies.

“This report provides greater visibility into the use and abuse of ransomware group personas, how nation-state APT actors seek to dig deeper into finance and other critical industries , and new Living off the Land attacks leveraging Microsoft’s native system tools in new ways.”

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4 ways the IoT is revolutionizing the financial industry https://hoteloliebol.com/4-ways-the-iot-is-revolutionizing-the-financial-industry/ Thu, 27 Jan 2022 16:06:44 +0000 https://hoteloliebol.com/4-ways-the-iot-is-revolutionizing-the-financial-industry/ The Internet of Things (IoT) is revolutionizing the financial industry by collecting debts, personalizing offers and rewards, detecting fraud and optimizing capacity management. With the rapid digitization and mobilization of the banking and financial services sector, companies are exploring the possibility of IoT in finance to harness data and minimize the risks endemic to this […]]]>

The Internet of Things (IoT) is revolutionizing the financial industry by collecting debts, personalizing offers and rewards, detecting fraud and optimizing capacity management.

With the rapid digitization and mobilization of the banking and financial services sector, companies are exploring the possibility of IoT in finance to harness data and minimize the risks endemic to this sector.

The financial sector, which deals with an abstract commodity like money, does not involve many tangible elements in its activity. And this lack of “stuff” may cast doubt on the applicability of the concept of the Internet of Things, which essentially requires a network of physical objects. However, a thoughtful implementation of IoT can reward the financial industry with plenty of growth opportunities.

Areas_that_Can_Benefit_From_IoT_in_Finance.png

With an increase in the use of personal, typically mobile, devices for banking, the constant data generated by these devices can give banks and other financial services institutions (FSIs) access to deep customer insights. In addition, data may also be collected through a network of bank-owned assets, such as ATMs and other financial transaction points such as credit/debit card readers. Although the current rate of adoption of IoT in finance is slowly progressing, the increased mobilization of financial services and innovation of use cases will ultimately lead to the adoption of IoT at scale. ‘industry.

1. Advanced debt collection facilities

Debt collection from individual and corporate borrowers involves considerable effort and overhead for lending financial institutions. Monitoring the operations and supply chain activity of debtor companies using sensors and IoT networks can help ISFs determine their willingness to pay without incurring excessive overhead, associated with failed payments. control. Similarly, an IoT network of ATMs, card readers, and other point-of-sale devices can be used to assess a borrower’s expenses and income to determine their ability and intent to repay and spending. defaulters may be reduced until refunded.

2. Personalized offers and rewards

Increase customer engagement and loyalty by offering loans and investment options based on:

  • Asset value

  • Consumption habits

  • Periodic income

will become much easier with the help of IoT enabled data analytics. Offering highly personalized loan and investment options will increase the likelihood that the customer will consider the product.

Banks incentivize customers to use credit/debit cards or some other payment methods by providing reward points, which can be redeemed in specific ways. These rewards may not appeal to all types of consumers, making these reward systems useless in most cases. IoT-based intelligence can be used to attract customers by rewarding relevant tradable options based on buying activity and demographics. For example, a customer who is known to spend most of her money on clothes should receive reward points that will give her discounts on clothes, while another customer who spends more on food should receive points that would be redeemable in the restaurants. These targeted rewards will improve customer engagement and loyalty.

3. Improved Fraud Prevention

Fraud prevention is a major concern for financial institutions, which are constantly investing in and looking for new ways to combat the misuse of their offerings. Major financial firms, such as HSBC, have already successfully implemented AI-based anti-fraud systems. With fraud prevention being such a high priority, the IoT will definitely be a game changer in this area.

Misuse of debit/credit cards can be prevented by having IoT-enabled point-of-use security systems, such as ATMs, which have more personal and secure authorization methods. Citigroup is testing ATMs that use eye-scanning technology to authenticate transactions. Another method to prevent card misuse via IoT is to track user’s mobile location and point of credit card use before approving transactions.

4. Optimized capacity management

Banks are constantly aiming to expand their network of offices and ATMs, while managing existing units with maximum efficiency. By using IoT-enabled monitoring to track the number of customer units per day, the average wait time can be measured to determine the optimal number of staff and counters at each branch. Decisions about new branches can also be aided by using customer distribution data against geography. The same can be done to optimize the number and location of ATMs based on usage.

In addition to these benefits, IoT in finance, with an innovative redesign, can have a major disruptive impact. One example is Interact® IoT, the first-ever IoT banking platform, which aims to help users save money by connecting their bank accounts to IoT-enabled objects. Major benefits can also be achieved by combining the interconnectivity of IoT with blockchain to have a much more reliable and secure network.

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