Articles about Financial Sector

World's tallest data center

The future of the data centre is within

Promo Future-proofing your data centre is no longer down to a choice of the right servers and storage, it’s now all about connectivity, location and the neighbours. The advantage – and the problem – with technology is that it’s always improving. Your latest server will always be replaced by a newer, faster model, and the next …
Marcus Austin, 06 Dec 2016

R3 four flew: What's driving banks to flee blockchain consortium?

Analysis The value of distributed ledgers and blockchain tech to the financial sector has again come under the spotlight following the departure of several entities from prominent blockchain consortium R3: namely Goldman Sachs, Santander, Morgan Stanley and the National Australian Bank. All four left the consortium this month, and with …
The Register Roundtable Room at The Soho Hotel

CIOs: VDI? Maybe, just maybe, it really will be different this time...

Register Roundtable Sometimes technology visions bubble along under the radar, quite often scorned then, following a change of name or emphasis, ubiquitous. Utility computing became the cloud, and we know how that’s taken off. Groupware became collaboration. Thin clients have morphed into VDI, and… Well, seems like a good time to get a bunch of …
Joe Fay, 11 Nov 2016
Bank vault

It's good to talk, UK banks told after massaging cyberattack figures

Top techies at British banks are being encouraged to share information about cyberattacks following revelations that the financial sector is under-reporting breaches to regulators. According to the UK's Financial Conduct Authority, only five attacks were reported in 2014, a figure that has soared to 75 so far this year. But …
John Leyden, 18 Oct 2016

Don't let banks fool you, the blockchain really does have other uses

Analysis It is a truth universally acknowledged that executives in the financial sector are capable of making the most exciting innovations boring, and in this respect their approach to the blockchain has been exemplary. During 2008's financial crash, a nine-page paper titled Bitcoin: A Peer-to-Peer Electronic Cash System [PDF] was …

A quarter of banks' data breaches are down to lost phones and laptops

One in four breaches (25.3 per cent) in the US financial services sector over recent years were due to lost or stolen devices, according to a new study. Cloud security firm Bitglass further reports that one in five recorded breaches over the last 10 years were the result of hacking. More than 60 financial sector organisations …
John Leyden, 25 Aug 2016

Microsoft planning blockchain-as-a-service for Azure apps

Microsoft might not be keen on Bitcoin, but it's cock-a-hoop about the backend blockchain the currency uses and has given the first details of Project Bletchley, a plan to add the tech into Azure services via some new middleware. "Project Bletchley is a vision for Microsoft to deliver Blockchain-as-a-Service (BaaS) that is …
Iain Thomson, 16 Jun 2016

SEC warns cybersecurity is biggest threat to financial system

The chair of the US Securities and Exchange Commission (SEC), Mary Jo White, has warned that the biggest risk the financial system faces is cybersecurity. Speaking at the Financial Regulation Summit in Washington DC, White warned the industry that their policies and procedures were not up to scratch and without them they faced …
Kieren McCarthy, 18 May 2016

Hackers' paradise: Outdated Internet Explorer, Flash installs in enterprises

A quarter of all Windows devices are running outdated and unsupported versions of Internet Explorer, exposing users to more than 700 known vulnerabilities in process. A study by mobile two-factor authentication firm Duo Security released today further reports that three in five (60 per cent) Flash users are running an out-of- …
John Leyden, 10 May 2016

Win XP, Flash, Java... healthcare makes easy pickings for hackers

The healthcare industry is a long way behind the financial sector in basic security practices, according to a study by two factor authentication firm Duo Security. Duo found that healthcare devices were significantly more out of date and less secure than ones from finance, after comparing its healthcare customers' devices to …
John Leyden, 22 Apr 2016
Fawlty Towers

Bloaty banking app? There's a good chance it was written in Britain

App developers in the UK banking sector are lagging behind their European and US counterparts in tools and methodologies, according to a new study based on code reviews. According to the survey, most British banking apps are developed using three old-school technology stacks including COBOL and Oracle Server. European apps, by …
John Leyden, 04 Apr 2016

US charges Iranians with hacking into an NY dam, blasting banks offline

The US Department of Justice (DoJ) has charged seven Iranian hackers over a string of high-profile distributed denial-of-service (DDoS) attacks against banks. The seven allegedly worked with Islamic Revolutionary Guard Corps-affiliated entities to run a coordinated campaign of cyber attacks against the US financial sector. One …
John Leyden, 24 Mar 2016

New UK cyber security centre to work with Bank of England

The UK's new national cyber centre will collaborate with the Bank of England on new cyber security guidance for financial firms when it opens later this year, the government has said. The Cabinet Office announced that the National Cyber Security Centre (NCSC) will be based in London and start operating in October. It said one …
OUT-LAW.COM, 23 Mar 2016

Cloud security harder than 'encrypt everything'

Australia's wildly-enthusiastic adoption of cloud computing is providing the rest of the world a crucible in which a host of security challenges can be cultured, according to F5 security researcher David Holmes. Speaking to The Register's networking desk while visiting the antipodes, Holmes said that “Australia is becoming the …

Buhtrap hacks whack Russian bank chaps; phish bait works great

Russian malware writers have scored at least US$25.7 million (£17.8 million, A$33.6 million) in raids against banks in their home country, intelligence firm Group IB says. The "Buhtrap" group has since 2014 used simple but coordinated attacks to target Russian banks directly and with devastating effectiveness. It is the first …
Darren Pauli, 18 Mar 2016

Higher US Fed interest rates will hit startups over the head

The US Federal Reserve’s decision in December to increase the target range for the interest rate it pays banks by one-quarter of one per cent, to 0.25-0.5 per cent, didn't seem like an Earth-shaking event at the time. But it was the first time the world’s most powerful central bank had changed its rate target since 2008, and …
SA Mathieson, 15 Feb 2016

Moscow raids could signal end of global Dyre bank trojan menace

One of the worst examples of financial malware appears to have fallen silent after operators were reportedly arrested in Moscow after a rare raid by the Federal Security Service of the Russian Federation (FSB). Reuters reports Russian police raided Moscow film studio 25th Floor and a neighbouring office in November. Western …
Darren Pauli, 10 Feb 2016

Crafty booby-trapped invoice malware empties Japanese bank accounts

IBM's X-Force security team is warning of new malware preying on Japanese bank customers. The software nasty is stealthy enough to evade the vast majority of antivirus packages, we're told. Japanese banks have been something of a low priority for crooks, given the difficulties of performing social engineering tricks using a …
Iain Thomson, 08 Jan 2016

Why are only moneymen doing cyber resilience testing?

Analysis Although Chancellor George Osborne recently spoke of the National Grid, hospitals and air traffic control as being potential targets of online attacks in a recent high-profile speech at GCHQ, only the financial services sector runs comprehensive stress tests. The lack of exercises designed to hone defences raised serious …
John Leyden, 30 Nov 2015

UK joins US financial institutions for industry resilience tests

The UK teamed up with US authorities to run a banking industry resilience exercise, dubbed Operation Resilient Shield, last week. The paper-based transatlantic exercise focused on improving information sharing and planning in the context of a cyber attack rather than fending off Red Team hackers. Leading (but unnamed) global …
John Leyden, 19 Nov 2015
hacker

US, UK big banks to simulate mega-hacker cyber-attack

A mock exercise will take place this month to test how major banks respond to a major cyber attack, according to a newspaper report. The joint UK and US initiative, Operation Resilient Shield, will be "the most sophisticated test … yet" of the way industry communicates and coordinates its efforts in response to cyber security …
OUT-LAW.COM, 05 Nov 2015

Cisco takes Security Everywhere™ to throw blanket over shadow IT

Cisco wants you to know it has Security Everywhere™, but that it doesn't mean it is Gossamer Thin. Rather, the messaging from the Borg is that its newly-boosted security suites cover just about everything that needs to be securable. That it says includes the things you don't know you even own, or to use advertising lingo, …
Darren Pauli, 04 Nov 2015

Dangerous resurgent banking malware hits UK

The formidable Dyreza and Dridex banking malware are back in renewed and rejigged macro-based campaigns that includes a shift by the former to target industrial supply chain organisations and by the latter to smash the UK. Both malware instances are dangerous. Dyreza is a powerful man-in-the-browser bank trojan whose creators …
Darren Pauli, 02 Oct 2015

The Ruskies are coming for you, NSA director tells City bankers

Defence bigwigs have issued a stern warning to financial companies at the London Stock Exchange that "so-called patriotic hacker groups" may soon embiggen their attacks on the City and Wall Street. The talk, organised by the Royal United Services Institute (RUSI) along with the FCA and Bank of England, noted how Western banks …
Policeman claps in London street

Europol and Barclays shack up for steamy security shenanigans

EU law enforcement body Europol and Barclays have signed a Memorandum of Understanding (MoU) to formalise their cooperation in combating cybercrime targeting the financial sector. The agreement establishes a formal means for Europol and Barclays to "exchange strategic information, information on trends, expertise and …

The Great Windows Server 2003 migration: How to plan your trip

Think switching OS is bad? There are just weeks left to migrate away from Windows Server 2003 before support for the operating system runs out. At this point, if a CIO hasn’t yet taken action, CEOs should be getting involved. After all, if a business is insecure and non-compliant, that’s a corporate governance issue On July …
Danny Bradbury, 29 Jun 2015
Canary Wharf at night

So why the hell do we bail banks out?

Worstall @ the Weekend Much to my joy, I have been asked a question I can actually answer. As opposed to those difficult ones, like does my bum look big in this, do you love me and has your cocaine use ever been more than recreational? That question, coming from commentard John Smith 19, and it is, in essence, well, why do we bail out the banks? …
Tim Worstall, 17 May 2015
5_pounds_sterling_money_cash_moolah

giffgaff riff-raff hacked off with lift-off of cash spaff

giffgaff claims to be “the network run by you”, so perhaps it shouldn’t be quite so surprised when the online community objects to what was a mobile phone company suddenly deciding it’s a bank. The “run by you” bit means that the company worries a lot about what customers say in the forums. And what the “owners” are saying is …
Simon Rockman, 24 Apr 2015

Hooray! China suspends ban on foreign tech in banking

EU tech firms are heaving several huge sighs of relief, as China lifts a ban on foreign tech in banking, although it may only be a stay of execution. Beijing officials notified authorities on Thursday that they would “suspend the implementation” of a controversial new law that effectively blocks any non-Chinese tech company …
Jennifer Baker, 17 Apr 2015
Royal coat of arms on a court building. Pic: Elliott Brown

Ex-Logica beancounter pleads guilty to insider trading

A financial planning manager at the outsourcer formerly known as Logica has today pleaded guilty to three instances of insider dealing. Ryan Willmott made £30,000 by obtaining information relating to the £1.7bn takeover of Logica by Canadian outsourcer CGI, which was announced on 31 May 2012. The case against Willmott was …
Kat Hall, 26 Feb 2015

Routine WHAT NOW? Bank of England’s CHAPS payment system goes TITSUP

The CHAPS system used to handle most bank-to-bank transfers in the UK has collapsed, with all mortgage payments currently on pause. We were told that the problem was due to an update over the weekend, when the details of new CHAPS users were being added and old ones removed. This is meant to be a routine operation, but a …
Jasper Hamill, 20 Oct 2014
Mind blown

80 PER CENT of app devs SUCK at securing your data, study finds

Developers are experts in spinning wonderfully-shiny, horribly-insecure apps, according to research from Aspect Security. Social media meeting buttons and go-live dates rate far higher with app developers than the need to ensure the security of private data. Worse, devs couldn't secure apps if they wanted to, according to the …
Darren Pauli, 23 Sep 2014
Alistair Darling and Alex Salmond debate Scottish independence

Scottish independence: Will it really TEAR the HEART from IT firms?

Scots may vote to leave the United Kingdom, ending a union lasting 307 years, on 18 September. Until a few weeks ago, the referendum on independence looked like an easy win for those wanting to stay in the union - or to use the parlance of the campaign, "no" voters. But a surge in support has put those planning to vote "yes" …
SA Mathieson, 11 Sep 2014
Lego Monster Fighters Lord Vampyre

Go on, corporate drone, log in... We'd recognise your VEINS anywhere – Barclays

Barclays is ramping up its fight against online fraud with the roll-out of a biometric scanner that uses Hitachi’s Finger Vein Authentication Technology (VeinID). Unlike fingerprints, vein patterns are extremely difficult to spoof or replicate. Barclays Biometric Reader will allow customers secure access to their online …
John Leyden, 05 Sep 2014
Double Facepalm; when one facepalm is not enough.

Stop begging, startup-land, and start YELLING at Catch of the Day

Thank you, Catch of the Day: in taking three years – three years – to own up to a data breach (and by the way doing it late on a Friday afternoon), Australians have had a first-rate demonstration of why we need data breach disclosure laws. It would be welcome news that the egregious Asshat-of-the-Day episode has finally …
Night scene of bank station in central london

Bank of England seeks 'HACKERS' to defend vaults against e-thieves

The Bank of England is planning to hire ethical hackers to conduct penetration tests on 20 "major" banks and other financial institutions, it has been reported. The move appears to be a response to lessons learned during the Waking Shark II security response exercise last November. The exercise put merchant banks and other …
John Leyden, 24 Apr 2014

App-happy cloud bod? You'd better keep eyes on your networks

Measuring how well your application is performing is not a straightforward task. Many enterprises have multiple locations, work with cloud-based applications and have end users stationed in different parts of the world. With the future of IT infrastructure trending toward more interconnectivity and external dependencies, it …

How to shop wisely for the IT department of the future

If your IT department is inefficient it is entirely possible that the responsibility does not properly belong with the nerds who run it. It is human nature to cast about for blame, but chances are the problem of IT cost overruns and project delays lies with the business. An inability to reach the promised "agile" nirvana so …
Trevor Pott, 11 Mar 2014
Night scene of bank station in central london

We want it HARDER: City bankers survive simulated cyber-war

A Bank of England-sponsored exercise designed to test how well financial firms handle a major cyber attack has uncovered serious communication problems. Waking Shark II, which took place in November, was meant to test how investment banks and financial institutions held under a sustained assault by hackers. The overall …
John Leyden, 06 Feb 2014
Night scene of bank station in central london

Blighty's top moneymen: Hackers are SLURPING CASH direct from banks

Several UK banks have suffered actual financial losses as a result of cyber-attacks in the last six months, according to a Bank of England study. The Bank of England’s latest Financial Stability Report, published on Thursday, reiterates warnings about the risk posed by hacking attacks made six months ago when Andrew Haldane, the …
John Leyden, 29 Nov 2013

Why a Robin Hood tax on filthy rich City types is the very LAST thing needed

Analysis The lovely thing about this year's Nobel Prize in Economics is that it entirely borks the case for a Robin Hood Tax - a levy on the financial sector's transactions, in other words. Not that the judging panel's decision will stop efforts to implement the tax; everyone's moved beyond intellectual arguments to instead howl in the …
Tim Worstall, 15 Oct 2013

EU digital tsar 'Steelie' Neelie Kroes: Telcos must adapt to losing roaming cash

+Comment Europe's digital tsar Neelie Kroes has been defending her call for greater integration of telcos across Europe, and appears to be arguing that what she described as "artificial" lowered roaming revenues should not hinder the telcos' greater investment in European infrastructure. Neelie's plan is to get rid roaming charges …
Bill Ray, 09 Oct 2013
The Register breaking news

Eurogeddon? Pah. UK banks are more terrified of hackers - big banker

Hacking attacks present a bigger risk to the operation of UK banks than problems caused by the ongoing eurozone crisis, according to a senior Bank of England director. Andrew Haldane, the BoE's director of financial stability, told parliament's Treasury Select Committee that representatives of Britain's top banks are telling him …
John Leyden, 13 Jun 2013
Reading tape LEO II computer, photo: Science Museum / SSPL

Blighty's revolutionary Cold War teashop computer - and Nigella Lawson

Geek's Guide to Britain The Victorian offices were bulldozed long ago for a stack of flats and mirrored offices, and there's not a single indication to the significance of this site - or what happened here. This isn't the scene of a lost battle, and the bones of a missing Plantagenet king do not slumber beneath the car park serving the offices. …
Gavin Clarke, 27 Mar 2013
Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini

Brocade: California taxman took off with our profits

Storage networking and Ethernet supplier Brocade has grown its latest quarter's revenues but swung from profit to loss after changes to the state of California's tax code. It reckons it will soon be doing even better now on the back of its 16GBit/s Fibre Channel kit and added that software-defined networking has opened up a …
Chris Mellor, 15 Feb 2013
The Register breaking news

Good news! UK IT jobs up. Bad news? They're with a bunch of bankers

Cockle-warming stats from the UK jobs market show that job openings for techies went up at the end of 2012 and that opportunities in the well-paying financial IT sector rose for the first time in six months. Permanent IT jobs advertised in the UK went up 6 per cent in the last three months of 2012 compared to the year before, …
Anna Leach, 08 Feb 2013
Screenshot showing overriding check-in policy in Team System.

What Compsci textbooks don't tell you: Real world code sucks

There’s a kind of cognitive dissonance in most people who’ve moved from the academic study of computer science to a job as a real-world software developer. The conflict lies in the fact that, whereas nearly every sample program in every textbook is a perfect and well-thought-out specimen, virtually no software out in the wild is …
Dave Mandl, 21 Dec 2012
The Register breaking news

Tweeting bankers warned: U better not mislead customers...LOL

Banks must remember regulatory compliance issues when interacting with customers via Twitter, says an expert. Banks face regulatory risks when responding to customers through social media channels, a legal expert has said. A new study by Virgin Media Business has revealed that 63 per cent of banks now respond to customer …
OUT-LAW.COM, 12 Dec 2012

Microsoft to biz: Just so you get off XP, we don't mind if you go Win 7

Despite the shiny, consumer-friendly crayon box of Surface and the Glee-style TV ads, Microsoft wants us to know that Windows 8 has a serious side, and is perfect for the enterprise. But it seems that a lot of its business-class features might be inaccessible to the very people it is attempting to target. At an event in London …
Gavin Clarke, 09 Nov 2012
The Register breaking news

Budget-slash fest shaves 10% off IT mercenaries' day rates

Cost-cutting at banks and a squeeze in the public sector have pushed IT contractor day rates in the UK down by £38 since 2010. Freelancing tech bods are therefore taking home £9,000 a year less than two years ago. But the recent RBS/Natwest banking crash offers a silver lining for developers: those skilled in the ancient ways …
Anna Leach, 19 Sep 2012