IT for financial services

Microsoft and Google go into battle for enterprise AI

In this week’s Computer Weekly, as developments in generative AI accelerate, Microsoft and Google have each unveiled their plans around enterprise applications. Nobody doubts the importance of digital transformation – but experts say it won’t work without cultural change as well. And we examine the emerging practice of FinOps as part of cloud automation projects. Read the issue now. Continue Reading

UKtech50 2023: Vote for the most influential person in UK technology

Our judges have selected the top 50 leaders from a shortlist of more than 300 people – now it’s your chance to tell us who you think is the most influential person in UK technology Continue Reading

By

• Lis Evenstad

Black Basta ransomware attack to cost Capita over £15m

Exceptional costs arising from the March 2023 Black Basta ransomware attack on the systems of outsourcer Capita will be somewhere between £15m and £20m, the organisation says Continue Reading

By

• Alex Scroxton, Security Editor

UKtech50 2023: The longlist of the UK’s influential tech leaders

Each year, Computer Weekly launches a search for the most influential people in UK IT, asking the tech community who it thinks should be in the top 50 – here is the longlist of everyone nominated for 2023 Continue Reading

By

• Lis Evenstad

Capita pension clients told data may have leaked

Capita has told trustees of some of the pension funds for which it provides outsourced services that their customer data may have been stolen by the Black Basta ransomware operation Continue Reading

By

• Alex Scroxton, Security Editor

Open banking use to increase 470% in next four years, driven from Europe

Europe is leading the surge in the take-up of API-based open banking services, according to Juniper Research Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Santander reports increase in scams and admits fraud head was impersonated

Santander has reported an increase in impersonation scams, and admitted its own head of fraud was impersonated by a fraudster Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Age UK calls for physical banking hubs as older people demand face-to-face banking

UK charity calls for banks and government to speed up the introduction of physical banking hubs as research reveals millions of older people don’t bank online Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Government anti-fraud strategy targets the tech behind the scams

The UK government’s anti-fraud strategy proposes to make it much harder for criminals to target their victims by cracking down on the exploitation of technology Continue Reading

By

• Alex Scroxton, Security Editor

Zopa’s emotional journey to becoming a bank

Zopa Bank’s CEO sees no reason why the app-based bank should not be as big as the high street giants Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Lloyds Bank joins industry IT standards group

UK banking giant Lloyds Banking Group has joined an industry group which promotes global IT standards Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Banks don’t want to develop fintech in-house

Banks are increasingly partnering with fintechs to gain access to their platforms, with few interested in developing such capabilities in-house Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

UK SMEs are the most tech savvy in Europe

UK SMEs have taken to contactless payments faster than their counterparts in continental Europe Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

IT Priorities 2023: Budget optimism among EMEA IT leaders

IT leaders across the EMEA region are optimistic that their budgets will increase over the coming year Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Global finance firms take part in NATO cyber attack simulation

Global financial services organisations take part in NATO annual event which simulates cyber attacks on critical infrastructure Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Fintechs get more certainty about open banking’s future direction

Fintechs have welcomed the UK open banking regulators recommendations for the future of the sector Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Reduced spending on cloud services weighs European IT services market down

Reduced spending on cloud services in the EMEA region meant a year-on-year drop in total IT and BPO services spend Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Why IAM systems are crucial for securing multicloud architecture

As business tools evolve into cloud-based services, organisations are finding themselves becoming ever more reliant on the cloud, but how can data be secured across so many different platforms? Continue Reading

By

• Peter Ray Allison

Former TSB CIO fined for migration meltdown

Both TSB and its CIO have now been fined for the catastrophic migration of TSB’s core banking system Continue Reading

By

• Cliff Saran, Managing Editor

Thousands at risk from critical RCE bug in legacy MS service

Thousands of organisations worldwide are at risk from three vulnerabilities – one critical – in a legacy Microsoft service that they may not be aware they are running Continue Reading

By

• Alex Scroxton, Security Editor

Three charged over banking fraud for hire website

UK authorities have charged three men in connection with the operation of a website that sold social engineering tools to cyber fraudsters Continue Reading

By

• Alex Scroxton, Security Editor

Sweden and Finland make advances in quantum computing

Separate Swedish and Finnish quantum computing projects make promising advances in the technology of the future Continue Reading

By

• Gerard O'Dwyer

April Patch Tuesday fixes zero-day used to deliver ransomware

A zero-day in the Microsoft Common Log File System that has been abused by the operator of the Nokoyawa ransomware is among 97 vulnerabilities fixed in April’s Patch Tuesday update Continue Reading

By

• Alex Scroxton, Security Editor

Gartner: Rebalance cyber investment towards human-centric elements

Security decision-makers need to reprioritise their investment outlooks towards people, rather than technology, according to the latest market forecast from Gartner Continue Reading

By

• Alex Scroxton, Security Editor

Bank of England starts recruiting Britcoin team

The Bank of England is recruiting people to join its team focused on the development of a digital pound Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Deutsche Bank to close Russian software operations

German bank has been winding down its Russia-based software development operations and is close to shutting them down Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

UKtech50 2023: Help us find the most influential people in UK IT

Computer Weekly’s annual search for the 50 most influential people in UK IT is back – let us know who you would like to nominate for this year’s list Continue Reading

By

• Lis Evenstad

Security Think Tank: Adopt a coherent framework for ID first security

With IAM central to enabling appropriate access to cloud-based services, identity first security is becoming a key trend for IAM in the cloud. Continue Reading

By

• Andrew Peel

Experian names AWS as preferred cloud partner for multi-year off-premise migration project

Credit reporting agency Experian is embarking on a multi-year cloud migration project with AWS Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

Quick-acting Rorschach ransomware appears out of nowhere

Emergent Rorschach ransomware strain is highly advanced and quite unusual in its capabilities, warn researchers, who say they have been unable to link it to any other known strains Continue Reading

By

• Alex Scroxton, Security Editor

Nordic app-based bank offloads its peer-to-peer lending business

Danish fintech Lunar has sold its peer-to-peer lending business to Sweden’s SaveLend Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Threat researchers dissect anatomy of a Royal ransomware attack

Trellix researchers share the inside track on a Royal ransomware attack that hit one of its customers in late 2022 Continue Reading

By

• Alex Scroxton, Security Editor

UAE central bank selects partners for phase one of digital currency programme

The UAE central bank has kicked off the first phase of its project to launch a digital currency Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Over 90% of organisations find threat hunting a challenge

Understaffed security teams and high levels of background noise are making basic security operations tasks a chore for defenders, according to a report Continue Reading

By

• Alex Scroxton, Security Editor

Lloyds and NatWest banks join Barclays in latest round of branch closures

Lloyds and NatWest banks announce more branch closures as UK high streets continue to be stripped of banking services Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Generative AI central to Accenture’s tech vision

Generative AI will play a central role over the next 10 years as the digital and physical world become more and more integrated Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

OSC&R supply chain security framework goes live on Github

The OSC&R framework for understanding and evaluating threats to supply chain security has made its debut on Github to allow anybody to contribute to the framework Continue Reading

By

• Alex Scroxton, Security Editor

NCSC issues revised security Board Toolkit for business leaders

National Cyber Security Centre calls on CEOs and senior business leaders to take a more hands-on approach to cyber resilience with the launch of revised board-level tools Continue Reading

By

• Alex Scroxton, Security Editor

How millions of consumers and businesses are using open banking

SMEs and consumers are increasingly turning to open banking services to help them manage their businesses and lives Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Climate change vs technology: Study suggests tech investments could mitigate environmental risks

Bloomberg Media report, sponsored by investment firm Mubadala, highlights human impacts of various industry megatrends, including climate change and technology adoption Continue Reading

By

• Caroline Donnelly, Senior Editor, UK

UK’s open banking industry at a crossroads

The UK open banking sector is at a crossroads and suppliers need more certainty about its direction, says report Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Lloyds Bank looking for fintech partners

Lloyds Banking Group wants to partner startups in the financial services sector in its latest fintech and insurtech programme Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Apple security updates fix 33 iPhone vulnerabilities

A larger-than-usual update to Apple’s mobile operating system fixes more than 30 distinct vulnerabilities, including two serious issues that may potentially affect device kernels Continue Reading

By

• Alex Scroxton, Security Editor

BNP Paribas moves to Swedish datacentre in high-performance computing strategy

BNP Paribas is moving data-intensive workloads to a Swedish datacentre to increase capacity while reducing its carbon footprint Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Barclays makes further cut to branch network

Barclays cuts another 14 branches from its network as it continues to see a migration to digital banking channels Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Ransomware attacks up 45% in February, LockBit responsible

NCC Group says it observed a surge in ransomware attacks in February, with LockBit, BlackCat and BianLian all highly active Continue Reading

By

• Alex Scroxton, Security Editor

Many of world’s biggest banks lack transparent policies for responsible AI

It is unclear whether many of the world’s largest banks have adopted and are using ethical artificial intelligence development principles Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

CBI launches campaign to boost UK tech unicorns

The CBI has launched a campaign to transform the UK’s technology unicorns into decacorns valued at $10bn, with specific policy recommendation due to be published later in 2023 Continue Reading

By

• Sebastian Klovig Skelton, Data & ethics editor

JP Morgan pilots palm and face-recognition technology in US

JP Morgan is testing out its biometric payment technology in selected retailer stores and at the upcoming Formula 1 Grand Prix in Miami Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

National Crime Agency sting operation infiltrates cyber crime market

The UK National Crime Agency has tricked thousands of potential cyber criminals into registering with a fake website pretending to offer tools for creating DDoS attacks Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Over a third of UK’s online transactions used digital wallets

Mobile phone-based digital wallets are fast becoming a preferred method of buying goods and services online Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Nationwide Building Society begins another ‘generational’ tech change

Nationwide Building Society's migration of its payments to a cloud-based software platform is a ‘generational change’ Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

US bakery pilots Amazon tech for palm payments

Amazon's palm-scanning authentication technology is being used by US bakery and café chain to boost use of its loyalty programme Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Ransomware gangs harass victims to ‘bypass’ backups

Analysis reveals how cyber criminal gangs are turning to extensive, targeted harassment campaigns to force victims to pay up, even if their backups are in good order Continue Reading

By

• Alex Scroxton, Security Editor

NatWest announces ID service for its customers

The identities of NatWest customers engaging with businesses online can be confirmed by the bank's ID service in seconds Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

BBC cracks down on TikTok after review

The BBC is asking staff not to install TikTok on corporate-owned devices without a justified business purpose, although its use will still be allowed to share media content with its audiences Continue Reading

By

• Alex Scroxton, Security Editor

Inside AIA’s cloud adoption journey

The Hong Kong-based multinational insurance firm has moved 86% of its IT infrastructure to public cloud to drive growth, productivity and efficiency Continue Reading

By

• Aaron Tan, Informa TechTarget

UK TikTok ban gives us all cause to consider social media security

The UK government’s ban on TikTok should give all organisations cause to look into what information social media platforms are collecting on us, and what they are using it for Continue Reading

By

• Alex Scroxton, Security Editor

BEC attacks doubled in 2022, outstripping ransomware

Massive growth in the volume of Business Email Compromise or BEC attacks was linked to a surge in successful phishing campaigns, according to data from Secureworks Continue Reading

By

• Alex Scroxton, Security Editor

Mandiant: Dangerous MS Outlook zero-day widely used against Ukraine

A zero-day vulnerability in Microsoft Outlook that was fixed in the March Patch Tuesday update has likely been actively exploited by Russian actors for a year or more, and its use will now spread rapidly Continue Reading

By

• Alex Scroxton, Security Editor

Chinese Silkloader cyber attack tool falls into Russian hands

A loader tool used by Chinese cyber criminals seems to have been enthusiastically taken up in recent weeks by Russian ransomware operators Continue Reading

By

• Alex Scroxton, Security Editor

Microsoft patches Outlook zero-day for March Patch Tuesday

A highly dangerous privilege escalation bug in Outlook is among 80 different vulnerabilities patched in Microsoft’s March Patch Tuesday update Continue Reading

By

• Alex Scroxton, Security Editor

Central bank digital currency use set to soar over next seven years

The use of central bank-backed digital currencies is set to explode over the next seven years as governments drive adoption to increase financial inclusion Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

As Covid fades away, what’s the future of remote work in Europe?

Many IT leaders are still supporting some form of work from home, and a trend is beginning to take shape in Europe Continue Reading

By

• Pat Brans, Pat Brans Associates/Grenoble Ecole de Management

MI5 to oversee new National Protective Security Authority

The new National Protective Security Authority will address various national security threats including state-sponsored cyber espionage against UK targets Continue Reading

By

• Alex Scroxton, Security Editor

Nationwide goes cloud native to transform payments

Nationwide Building Society is moving retail payments from on-premise systems to a cloud-native platform Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

What can security teams learn from a year of cyber warfare?

With the passing of the first anniversary of Russia’s invasion of Ukraine, we reflect on the ongoing cyber war, and ask what security leaders can learn from the past 12 months Continue Reading

By

• Alex Scroxton, Security Editor

Can the UK keep its fintech crown?

In this week’s Computer Weekly, two years after the Kalifa report laid out a roadmap for continued fintech sector growth, UK entrepreneurs and startups are worried about the lack of progress. We look at the top tech trends in retail and find out which companies are leading the way. And we examine six ways to slash IT emissions. Read the issue now. Continue Reading

Fintech industry calls for regulatory change to help struggling consumers

Fintech trade body calls for regulatory changes to allow fintechs to broaden services for people struggling in the cost-of-living crisis Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Shawbrook Bank uses Pegasystems for low-code business process rewrite

SME lending and savings bank Shawbrook Bank is using a low-code platform from Pegasystems to rewrite outdated business processes Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Two years on from the Kalifa report, UK fintechs speak out

Two years after the UK government’s Kalifa fintech report, entrepreneurs warn of a continuing Brexit headache and slow regulatory reform Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Government announces national fintech hub

The UK Treasury has announced a centre for fintech innovation, two years after a major report recommended one Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Security Think Tank: Training can no longer be a compliance exercise

Historically, security training has tended to take a compliance-based focus, a ‘tick-box’ exercise using generic, off-the-shelf courses. This needs to change, says Hayley Watson of Turnkey Consulting. Continue Reading

By

• Hayley Watson, Turnkey Consulting

Cyber training in 2023 needs to drive measurable change

2023 will see more focus on security training programmes that not only provide employees with an understanding of the risks they face but more importantly drive measurable behavioural change, says PA Consulting’s Richard Allen Continue Reading

By

• Richard Allen

WithSecure proposes ‘undo’ button for ransomware

WithSecure’s Activity Monitor technology supposedly overcomes the shortcomings of sandbox test environments, and may be able to stop ransomware attacks from ever happening Continue Reading

By

• Alex Scroxton, Security Editor

Santander SME platform harnesses Salesforce

Bank platform that helps UK small and medium-sized enterprises expand export opportunities is built on cloud technology from Salesforce Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Researchers find new bug ‘class’ in Apple devices

A group of vulnerabilities in Apple products that stem from the ForcedEntry exploit used by spyware firm NSO constitutes a whole new class of bug, say researchers at Trellix Continue Reading

By

• Alex Scroxton, Security Editor

Dutch cyber security professionals experience stress akin to soldiers in war zone, claims expert

Cyber attacks are taking a heavy toll on Dutch IT professionals, with over a third reporting that their mental health suffers as a result Continue Reading

By

• Kim Loohuis

Half of cyber leaders to switch jobs by 2025, citing stress

A substantial number of cyber security leaders are plotting their great escape, saying the industry is leaving them too stressed to go on, according to a study Continue Reading

By

• Alex Scroxton, Security Editor

Seven million people in UK used open banking services in 2022

More than seven million people used services that harnessed open banking last year, with 1.2 million of these first-time users Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Cyber security training: Insights for future professionals

Future cyber security professionals need soft skills as well as technical ones, says security educator Sudeep Subramanian Continue Reading

By

• Sudeep Subramanian

UK finance firms short of data skills

Financial services companies in the UK lack the data skills they will need to succeed in an increasingly digital world Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Average consumer spent more than £3,300 using contactless payments in 2022

The amount of money spent using contactless payment technology continues to rise as consumers take advantage of higher allowable spending limits Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

App-based Zopa bank buys BNPL fintech

App-based Zopa bank is adding a buy now, pay layer platform to its technology stack through its first acquisition Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

CIO interview: Hans van der Waal, director of global IT, Travelex

Travelex has weathered a storm that saw it sink into administration, before emerging to solidify its digital foundations for the future Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Financial advisory firm Succession Wealth probes cyber attack

Aviva-owned wealth consultancy and financial advisory practice Succession Wealth was hit by an undisclosed security incident on 8 February Continue Reading

By

• Alex Scroxton, Security Editor

Security Think Tank: New trends and drivers in cyber security training

Self-paced, interactive, bite-sized learning is becoming the optimum path for cyber security training in the workplace, says John Tolbert of KuppingerCole Continue Reading

By

• John Tolbert, KuppingerCole

Multi-purpose malwares can use more than 20 MITRE ATT&CK TTPs

Report warns of the development of increasingly sophisticated, multi-purpose malwares, and calls on defenders to play close attention to the MITRE ATT&CK framework to ward them off Continue Reading

By

• Alex Scroxton, Security Editor

Microsoft fixes three zero-days in February update

February’s Patch Tuesday update contains fixes for three previously unpublicised zero-days in Microsoft Office, Windows Graphics Component and Windows Common Log File System Driver Continue Reading

By

• Alex Scroxton, Security Editor

UK saw fintech investment collapse in 2022, but is still a world leader

Fintech investment in the UK sees steep drop, but the country was still a top destination for capital Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Vidar, nJRAT re-emerge as prominent malware threats in January

Trojans and infostealers once again dominate the list of most commonly observed threats, according to Check Point’s latest telemetry Continue Reading

By

• Alex Scroxton, Security Editor

UK authorities clamp down on illegal crypto ATMs

The Financial Conduct Authority and West Yorkshire Police have disrupted a number of illegal crypto ATMs Continue Reading

By

• Alex Scroxton, Security Editor

‘Buy now, pay later’ crackdown in the making

The finance regulator has proposed bringing ‘buy now, pay later’ providers within its regulatory remit Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Payment tech provider opens Finnish tech hub

Nordic payment tech supplier opens a hub in the Finnish city of Espoo to access expertise Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

UAE central bank programme to accelerate digital transformation

The United Arab Emirates government launches programme to accelerate the digital transformation of the country’s finance sector Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Researcher exposes crypto scam network exploiting YouTube

A massive network of fake YouTube videos promoted by automated sock puppet accounts is reeling in hundreds of cryptocurrency enthusiasts and persuading them to hand over their money, WithSecure researchers found Continue Reading

By

• Alex Scroxton, Security Editor

How to protect your business from fraud during a recession

This winter, the chilly winds of a global recession have fraudsters turning up the heat. PJ Rohall of SEON Fraud Fighters shares some guidance on how to bundle up against fraud Continue Reading

By

• PJ Rohall

KPMG launches metaverse and digital twin hub in Saudi Arabia

The Saudi Arabian government’s commitment to investing in metaverse technology has attracted a KPMG centre of excellence to its shores Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA

Security buyers lack insight into threats, attackers, report finds

The majority of cyber security purchasing decisions are made without proper insight into the attackers organisations are facing, according to a Mandiant report Continue Reading

By

• Alex Scroxton, Security Editor

Whistleblower in limbo as sensitive NatWest customer files remain under her bed

Whistleblower and NatWest at stalemate as regulators leave it up to them to come to an agreement on return of sensitive customer data Continue Reading

By

• Karl Flinders, Chief reporter and senior editor EMEA